Home loan offset calculator
Looking to pay off your mortgage faster? You can achieve that and save on interest by using an offset account. Put simply, an offset account is a savings account linked to your mortgage, where any money in your offset account reduces the interest charged on your loan. As an example, consider a home loan of $323,500 with an interest rate of 6.95%; and $45,000 in an offset account. In this situation you’ll earn 6.95% interest on the savings in that offset account (which equates to $260 per month) – this is then used to reduce the monthly interest repayment on the mortgage by that amount, which in this example is from $1,875 to $1,615. Our Home loan offset calculator allows you to enter your loan amount, interest rate, loan term, repayment frequency and offset account balance. You can use our fortnightly repayment calculator for a more granular look at the effect of paying more regularly than the standard monthly payment. Using these figures, the calculator will show the progression of your repayments throughout the life of the loan, indicate how much interest you’ll save in that time, and how much earlier you could pay off your mortgage. Simple!
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