Please note, if you have a mixture of Interest Only and Capital Repayment sub accounts, we will allocate the lump sum payment to the Interest Only account with the highest interest rate first. If no instructions are provided, your lump sum payment will be allocated to your mortgage sub account (s) in a way that is most beneficial to you.įor example, we will allocate the lump sum payment to your account with the highest interest rate first. If you wish to change how your overpayment(s) are allocated, please call us. Your overpayment(s) will be allocated to your mortgage sub account(s) in the same way that your normal monthly payment is split across your sub-accounts.Įxample: If 40% of your monthly payment is allocated to sub-account 1, with the remaining 60% allocated to sub-account 2, any overpayments will be split in the same way. Your home or property may be repossessed if you do not keep up repayments on your mortgage. Please request a Mortgage Illustration before you choose a mortgage. This overpayment calculator does not include all of the information that you need to select or compare mortgages. Please note the calculator does not factor in any charges for early repayments of the total mortgage balance and is based on a capital repayment mortgage. It does not provide a precise calculation of the time or interest you could save, but is intended to give you information and guidance about the potential savings. The calculator is for illustrative purposes only. The figure is rounded up or down accordingly for display purposes. The potential reduction in time to repay your mortgage is presented as years/months.Repayment amounts are rounded up or down accordingly to the nearest £1 for display purposes.Months are of 12 equal lengths so the monthly interest will not differ.The interest rate will remain the same for the term of the mortgage.Monthly overpayments are made and remain constant throughout the mortgage term.The amount you currently pay is based on either your previous monthly payment or the information you have entered.To illustrate savings, we have made the following assumptions: For more information please refer to your most recent mortgage offer. Her monthly repayments are currently $1,265.If you are not on our Standard Variable Rate (which has no restrictions on the amount you can overpay), there may be a maximum value amount you can overpay each year without incurring an Early Repayment Charge. If she were to put a lump sum of $10,000 toward her loan, she'll save $12,654 in interest and take 1 year and 5 months off her loan. She is looking to put down $10,000 and has already had her mortgage for 2 years. Susan then inputs her lump sum information. Loan term (30 years) and her repayment frequency (monthly).In order to figure out exactly what a lump sum will do for her mortgage she uses a lump sum calculator. She decides to pay it as a lump sum toward her mortgage. Susan just inherited $10,000 unexpectedly. Usually a lump sum payment will go toward your principal more so than interest, which will help you pay down your loan faster than just making general repayments. Once you input all of the necessary information into the calculator you'll be able to see the results right away and figure out if putting a lump sum toward your mortgage will be worth it in terms of savings.
If you're 2 years into your loan, select 2 years. This refers to when you make the lump sum repayment. Enter the single amount you wish to add to the loan as a lump sum repayment. Repayments can be weekly, fortnightly, or monthly, depending upon your agreement with your lender. The loan's interest rate affects how much interest you pay every month. Most Australians choose between 20 and 30-year loan terms. This is the amount of money you borrowed. In order to use a lump sum calculator, you’ll need the following details:
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How to use the lump sum repayment calculator
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