How fast can I pay off?
Good to see you are interested in paying off your debt. The answer to the question “How fast can I pay off” has multiple answers.
Increasing your mortgage repayment is a good option if you have surplus monthly income (after all of your monthly expenses including your regular mortgage repayment) and want to make sure you are getting to your goal faster.
Some mortgage products offer the ability to pay back extra principal without any penalty (and other products with a minimal penalty). Again, we recommend speaking to your mortgage expert to ensure the correct loan structure is tailored to your specific needs from day one.
You can calculate how fast you can pay back your loan on a regular amortised basis and in addition add in potential bulk payments with your surplus monthly income. This reduces your overall loan term and interest costs accordingly. This is a great exercise as it shows small increase(s) create big results.