How Much Interest am I Paying?
The process of buying property can be an overwhelming process that often goes by in a flash.
The excitement slowly drifts away and a few months after you start paying off your home loans, you may wonder just what exactly you are paying each month.
You might wish to know how much of your repayments are going towards the bulk of your loan, and how much of it is the interest you have accrued.
The principal amount on your loan is the amount left owing on your mortgage and a figure that contributes to the amount of interest you pay.
However, the portion of the principal owning and added interest in your monthly repayments are specific to your situation.
One effective way to determine these explicit numbers is to use a mortgage calculator.
Learning how to calculate these numbers can assist you with a strategy to pay off your home loan faster.
A chat with your mortgage broker can also help you construct a plan to bring down the principal faster and own your property debt-free.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.