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Our amortisation calculator shows you how much of your bond instalment goes towards interest and how much towards reducing the actual home loan amount.
What is the breakdown of monthly bond repayment?
Our amortization calculator will give you a picture of how much your loan reduces by every month, over the full period of the loan. You can determine how much of your instalment goes towards interest and how much towards reducing the actual loan amount.
Sometimes home owners decide to fix the interest rate on their home loan for an initial period of time. If this is the case for you, you can also include this in the calculation, as well as the base rate and term for the remainder of the home loan period. The calculator will give you a result based on this combination of factors.
You will know exactly how much you spend on your home loan every year, how much of that money will go towards interest and how much will be used to reduce capital debt.
Now that you know how much your monthly repayments should be in order to amortize your current home loan, you may want to use our additional payments calculator to calculate how you can pay off your home loan faster.
If you require any assistance with the above, feel free to contact our ooba experts and we will help you get your dream home in no time!