I am wondering, what if…?
Posted on December 1, 2009 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
The www.interest.co.nz web site has a brilliant mortgage calculator on it that allows you to compare two scenarios at the same time.
An example loan is for $250,000 at 6.99% and that paying $1,000 per fortnight, it will take about 16 years to pay off and you would pay just over $165,000 in interest. Pushing that up to $1,200 per fortnight, reduces the loan to 12 years and saves $48,000 in interest. You can nominate any of the variables to be the one you solve for.
Filed under: REAL ESTATE | Tagged: Real Estate