Extra Repayment Calculator

Calculate how making those extra payments can help reduce your loan faster with the Zest Mortgage Solutions Extra Repayment Calculator

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Mortgage Calculator FAQ's

Here are some of our most common questions our clients ask

Why use a loan repayment calculator?

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A loan (or mortgage) repayment calculator will help you work out your repayment options with various loan amounts, interest rates, terms and other factors. The Zest Mortgage Solutions calculators are perfect for both new Springfield and Greater Brisbane home buyers or if you're looking to understand your current mortgage repayments better. The loan repayment calculator is also ideal for understanding the impact of paying off a lump sum or switching lenders and rates. However, you need to be careful here as each lender has different terms around their loans.

When using the mortgage repayment calculator, we recommend starting with the default settings and then looking at the difference between paying weekly, fortnightly or monthly. Your interest will not change much with the repayment schedule, but it's an excellent way to understand how your loan fits into your current lifestyle and budget, be it weekly or monthly. This calculator is just the tip of the iceberg, so if you need help, please don't hesitate to contact the friendly Zest team

Why use an extra repayment calculator?

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The Zest Mortgage Solutions "Extra Repayment Calculator" is perfect for working out how larger repayments or bulk one-off repayments can affect your interest and help bring down the principal of your home loan. Making additional repayments over your minimum repayment could significantly reduce how fast you pay off your mortgage. As the average Springfield, Brookwater and Western Brisbane home loan is 25 to 30 years, making larger repayments is one of the best ways to put your hard-earned money to work and help reduce your overheads when you approach retirement.

Unexpected cash flow, or because you’re a keen saver, paying more off your mortgage now can result in thousands of dollars that you'll save over the long-term. However, it’s also necessary to understand if there are any penalties for making extra payments. The most significant penalty to watch out for is the "break fee", which is charged if you pay out a fixed-rate home loan sooner than expected. If you've any questions, please contact the Zest team in either Springfield, Ipswich or Flagstone to chart about your needs.

Why use an interest-only mortgage calculator?

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An interest-only mortgage calculator helps you to calculate the different variables on the mortgage you are looking to take out and help you understand your repayments over the life of your loan. The Zest Mortgage Solutions calculator is perfect for working out the total interest on your mortgage and designed for those looking to reduce repayments, especially people in Springfield and the West Brisbane area.

With the interest-only mortgage calculator, you need to enter your loan amount (the principal you plan to borrow), the interest rate from the lender, the loan term being how long you intend to pay your mortgage off over and any loan fees you might face. If you are looking to use the interest-only mortgage calculator, please don't hesitate to contact the friendly Zest team.

Why use a split loan calculator?

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The split loan calculator is designed to help you decide if a fixed-rate mortgage, a variable mortgage, or perhaps a mix of both is best for your lifestyle. The split loan calculator gives you an estimate of various repayments and the interest you'll need to pay over the life of the loan. The advantage of a split loan is to get the best of both worlds; your fixed repayments are predictable, while your variable mortgage repayments will reduce if the Australian interest rates fall.

A split home-loan can, of course, make a big difference to your monthly repayments, interest repayments and the life of your loan. However, it's essential to understand that not every lender offers a split loan option, and because of this, we would recommend reaching out to the Zest mortgage broker team to discuss what you have in mind for your split loan.

Why use a property buying cost calculator?

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Mortgage repayments alone are not the only overheads in purchasing a new home. The property buying cost calculator is designed to help you understand the overall costs of acquiring your next property. As a home or investment property owner, being aware of all costs is essential to your daily budget and investment returns.

The property buying cost calculator includes fees like stamp duty, conveyancing fees, utilities, strata fees, rates, loan application fees, pest inspection, and even moving expenses. This handy calculator also includes items like home and content insurance, which is ongoing and related to the suburb (like here in Springfield and Brookwater) and the property type you buy. If you are a little unsure about any costs, please don't hesitate to contact the friendly Zest team

Why use a mortgage switching calculator?

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Like the loan repayment calculator, the mortgage switching calculator gives you a good idea of the possible savings when switching your mortgage lender. Many people in the Springfield, Brookwater and West Brisbane suburbs investigate their loan options. Most lenders also offer attractive discounts or bonuses for switching. The mortgage switching calculator can help you understand the effects of changing over the long term, not just the small bonus right now.

Your mortgage broker, be it Zest here in Springfield and Brookwater, or otherwise, a mortgage broker, is here to help with this and actively keep our eyes on the market's best deals. So if you enter your details into the mortgage switching calculator and find a more suitable rate, please contact our team first to check a few things, including any hidden fees you may have to pay.