How To Pay Your Mortgage Fast!
By paying your mortgage weekly you will pay off the mortgage quicker. Right?
Wrong! Try this it will only take a minute.
Follow my link to my website and use the calculator Extra Repayment Calculator.
Delete the extra payment of $100 to zero. Delete 5 years to zero.
Change the Repayment frequency from monthly to fortnightly and then to weekly. Did you see the “Interest Saved” didn’t change – no savings!
Put $44 extra and change the repayment frequency from weekly to fortnightly to monthly and see how much you save over the life of the loan.
The rule is: You have to make extra payments or put additional funds into your home loan or offset account to save money.
A good rule of thumb to save money and not feel the strain…
Find out what your monthly repayment is.
Halve it and make this your fortnightly repayment.
i.e. Go to the calculator: $2,271 monthly repayments halve it = $1,136
Fortnightly repayments with no extra payments = $1,048
Difference = $88
Enter $88 in extra amount.
Your saving should equal over 5 years in repayments and a saving of $82,715.