about us newsletter contact us site map search legal |

Home |
## Reducing The Mortgage |

## How to save thousands on your mortgageThe following examples are calculated using the Mortgage Calculator. Please try your own examples at your leisure. A starting example
Your new home costs $300,000. Now, let's change some of those variables to see how much interest you can save. Increase your deposit by $20,000
You now have a $50,000 deposit and only need to borrow $250,000 over 20 years at 8.0% interest. Monthly repayments are $2,091. Or, reduce the length of your mortgage to 15 years
You have a $30,000 deposit and borrow $270,000 over 15 years at 8.0% interest. Monthly repayments are $2,580. Or, increase your payments
For example, if you were able to increase your monthly repayment by $200 in the original example, from $2,258 to $2,458 per month, you'd reduce the length of your mortgage by approximately 3 years and 6 months. This would result in a Or, reduce the interest rate by 0.25%.
You have a $30,000 deposit and borrow $270,000 over 20 years at 7.75% interest. Monthly repayments are $2,217. |
||