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Are You Looking To Pay Off Your Home Loan Sooner

Your home loan is probably the biggest investment you will make in your life, and a debt that most people would like to pay off as quickly as possible. If you Are You Looking To Pay Off Your Home Loan Sooner, you’ll find plenty of experts recommending ways to do it.

Even still, most people continue to chip away at their home loan on autopilot without giving too much thought as to how they could pay off their home loan more quickly.

For those who are keen, here are tips that should help.

Pay More

If you want to see magic, start playing with mortgage calculators and see how adding a little extra payment to your principal here and there can shorten the length of your loan.

Let me show you how.

For Example:
Original Loan Amount : RM300,000
Tenure : 35 years
Interest Rates : 4.40%
Instalment : RM1401.25
Total Interest Paid : RM288,524.35

What happen when you pay extra payment RM100 monthly?

Total Original Interest Paid : RM288,524.35
Total interest Paid With Extra Payment RM100: RM241,223.58
Total interest saving: RM47,300.77
Years Saving : 5 years & 1 month

What happen when you pay extra payment RM200 monthly?

Total Original Interest Paid : RM288,524.35
Total interest Paid With Extra Payment RM200: RM208,134.29
Total interest saving: RM80,390.06
Years Saving: 9 1/2 years

What happen when you pay extra payment RM300 monthly?

Total Original Interest Paid : RM288,524.35
Total interest Paid With Extra Payment RM300: RM183,471.36
Total interest saving: RM105,052.99
Years Saving : 12 years & 9 months

Yes, that is how bizarre the Home Loan world.

In order, to achieve the greatest saving you just need to pay more, as simple as that.

RM100 per month is like RM3.40 per day saving. You just need to save this amount of money daily and by end of the month you pay more in your home loan.

And after a few years you actually save at least RM47,300.77 in your home loan. How simple is that?

Start Saving Now People!

 

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By | 2016-11-01T10:40:12+00:00 November 16th, 2015|Home Loan Tips, Housing Loan, Latest Article/News, Latest Home Loan Video|Comments Off on Are You Looking To Pay Off Your Home Loan Sooner