![]() Making a lump sum payment 5 years into your loan could save you $5,000 more in interest than making a lump sum payment after 10 years. The following table uses a lump sum of $1,000. The longer answer is that it is most helpful to make a lump sum repayment when you can afford to without injuring your emergency savings, and when your financial institution will not charge you a fee to do so. The short answer is that making a lump sum repayment as early as possible into the life of your loan will make the greatest difference to reducing the interest you pay on your loan. Make sure you check whether the features of a home loan include the facility to make lump sum repayments, before signing up for the long haul. You can enter the specific loan amount you are looking for in our home loan calculators and our comparison of home loans on the market.
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