If you would like to find out how much you have left on your mortgage, our remaining balance calculator can help. Even if you don't already have a loan, this calculator can be used to give you an idea of how much you might have paid off any number of years into your loan term.
As the calculator shows, each repayment that you make on your mortgage consists of a portion of interest and interest. Home loans are structured so that you start paying a lot of interest in the beginning and only a little principal. It's only during the last years of repayments that you start reducing the principal significantly.
This is why any additional repayments could make a difference as it cuts into your principal. As long as you have financial flexibility with your bank then you could have more control over your home loan, and not your lender.
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Rates last updated June 23rd, 2017
Plan ahead more effectively by knowing your remaining balance
Want to know how much you've paid off, or how many years you have left on your mortgage? Our calculator will help you analyse your progress.
By taking into account your loan term, loan amount, whether you had a fixed rate and for how long, along with you ongoing rate and long you are into your loan term - you can work out the total amount you've repaid and the remaining balance.
Having this information is handy because you can find out if you've built any equity, which you can access to reinvest.
Speak to a home loan specialist today to discuss your options and eligibility.
Your lender will send you a statement, either electronically or by mail on a quarterly basis. These statements show you what your remaining balance is, the number of payments made and how much interest you've been charged.
If you would like to know your remaining balance right now you can go online to check your balance or give your lender a call.
An integral part to being able to pay for a mortgage as soon as possible is planning and calculation. Learn how to effectively calculate how long it will take to pay off your new or existing loan within.
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