# Calculators

#### Important Notes

Calculations based on total monthly repayment divided by total monthly income resulting in a Debt Servicing Ratio (DSR) not exceeding 32%. This is based on industry averages for calculating DSR’s.

As most institutions make their calculations with an interest rate of at least 2% higher than the current rate, we have also used an interest rate 2% higher than the one entered in.

This calculation does not pre qualify you for a loan – it is to be used as an indication only. Individual institutions have their own lending criteria which may differ from the one used here.

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#### Results

Ever wondered how much quicker you could pay off your loan if you made regular extra repayments? For instance, if you regularly buy take away – by giving up only one day a week you could afford to pay an extra \$100 per month off your loan! With a loan of \$200,000 at an interest rate of 6.80% that could cut four years off a 25 year loan and save you up to \$38,000 in interest.Step One: Enter your loan amount, the original term of your loan (usually 30 years) and the percentage rate.

Step Two: Click the button to calculate the monthly repayments based on your original term. Then, enter how much extra you think you can pay per month (eg: if your monthly payments are \$600 and you think you can afford to pay \$800 then enter 200 in the extra repayments field)

Step Three: Click the Calculate New Term button to find out how long your loan will take to pay off based on your regular extra repayments and how much interest you will save.

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#### Results

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Ever wondered how much quicker you could pay off your loan if you made a lump sum payment in the middle of your term? Enter your details below to calculate how many years and interest you could save.Step One: Enter your loan amount, the original term of your loan (usually 30 years) and the percentage rate.

Step Two: Click the button to calculate the monthly repayments based on your original term. Then, enter the lump sum payment you wish to make, and how far into the loan (in years) you make this payment.

Step Three: Click the Calculate New Term button to find out how long your loan will take to pay off based on your lump sum payment (scroll down).

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