Most online mortgage repayment calculators only provide details of your loan repayments based on your loan amount and the term of the loan, and not necessarily how much you will save on your mortgage repayment each month.
The following table provides a brief overview of the monthly savings based on the 0.25% cash rate reduction from Tuesday, 5 May 2015.
LOAN AMOUNT | MONTHLY REPAYMENTS | ||
---|---|---|---|
BEFORE RATE DECREASE | AFTER RATE DECREASE | REPAYMENT REDUCTION | |
$100,000 | $506.69 | $491.94 | $14.75 |
$125,000 | $633.36 | $614.92 | $18.44 |
$150,000 | $760.03 | $737.91 | $22.12 |
$175,000 | $886.70 | $860.89 | $25.81 |
$200,000 | $1,013.37 | $983.88 | $29.49 |
$225,000 | $1,140.04 | $1,106.86 | $33.18 |
$250,000 | $1,266.71 | $1,229.85 | $36.86 |
$275,000 | $1,393.38 | $1,352.83 | $40.55 |
$300,000 | $1,520.06 | $1,475.82 | $44.24 |
$325,000 | $1,646.73 | $1,598.80 | $47.93 |
$350,000 | $1,773.40 | $1,721.79 | $51.61 |
$375,000 | $1,900.07 | $1,844.77 | $55.30 |
$400,000 | $2,026.74 | $1,967.76 | $58.98 |
$425,000 | $2,153.41 | $2,090.74 | $62.67 |
$450,000 | $2,280.08 | $2,213.73 | $66.35 |
$475,000 | $2,406.76 | $2,336.71 | $70.05 |
$500,000 | $2,533.43 | $2,459.70 | $73.73 |
If you would like a free assessment of your mortgage loan, to make sure you are getting the best deal, please feel free to Contact us and arrange an appointment - because everybody needs a plan to ensure they're getting the best deal on their home loan!
Tags:Mortgages and Finance |