What does this Mortgage PrePayment Calculator do?
Lump Sum Payments & Increasing your Mortgage Payments is the fastest way to pay off the Mortgage. When you make this kind of payments, they apply straight to the principal. m
What are my lump sum payments & payment increase maximum?
Most of our lenders will allow you to make upto 20% of your mortgage amount and increase your payments by 20%.
How to lower payments?
One way to lower payments is by increasing amortisation to 30 years, although to be eligible for 30-year amortisation you need to put a downpayment of min 20%.
Want to be mortgage free faster?
We strongly recommend you switch to bi-weekly or weekly, the extra payments during the year will help you pay off more principal quicker. Once you enter your data in the calculator across, you will notice that Weekly payments will show a significantly less amortisation period.