Home Loan Offset Calculator
Have you taken out a home loan? The Your Mortgage Broker loan offset calculator works out how much interest and time you can save by offsetting your savings against your home loan.
How to use the offset mortgage calculator?
The offset mortgage calculator is easy to use. All you have to do is enter your loan amount, starting balance, interest rate and the mortgage repayment you plan to make your offset account. Using these details, the calculator will quickly find out how much you can save.
On the other hand, if you don’t plan on making a regular payment to your offset account then just calculate the average amount you’ll keep in the account. Now, put this amount as the starting balance and enter $0 under net monthly payments.
The two main purposes of using an offset calculator are:
- Work out how quickly you can pay off a loan
- Calculate how much interest you can save on your loan
When should I use an offset mortgage calculator?
An offset calculator is a reliable tool to estimate how much you can save in terms of interest and time by linking your savings account with your loan.
- If you have a large and stable savings account and don’t mind not earning interest, offsetting your account is a good idea. This will allow you to repay your loan quicker than you would have otherwise.
- It’s also suitable for parents or grandparents with a savings account looking for a way to help their children repay a loan.
- If you have received a large bonus payment, then you can also consider offsetting your savings account.