amortization schedule with extra payments excel

Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Different amounts and terms will result in different comparison rates. WARNING: This comparison rate applies only to the example or examples given. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).Ĭomparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package. It’s a tool that can help you identify the truer cost of a loan. Loans for a property to live in (also known as owner-occupier loans) include – but aren’t limited to – loans to fund the purchase of a property or refinance an existing loan, where the borrower currently resides or intends to reside in the property. Loans for an investment purpose (also known as investor loans) include – but aren’t limited to – loans where the predominant part of the loan is used to invest in shares, land, construction or an established dwelling (including refinance of investment loans).

What’s the difference between a property to live in, and an investment purpose?

Amortization schedule with extra payments excel