Weekly and Fortnightly Repayment Calculator
Why Making Smaller, More Frequent Payments Can Benefit Your Finances
When you’re buying a home, it’s important to understand how the mortgage payments will work.
This will help you figure out how much you can afford to spend on a home and plan for how the payments will affect your finances.
Advantages of Fortnightly and Weekly Repayments on Loans
Faster Loan Repayment:
Making smaller, more frequent repayments can help you reduce the overall interest on a loan and allow you to pay off your loan faster.
By making repayments more often, you can better align your loan payments with their income, making it easier to manage your finances.
Reduced Interest Costs:
Fortnightly and weekly repayments align with the loan’s interest accrual period, which can result in a reduction of the overall interest paid on the loan.
You have the option to make additional repayments without penalty, which can help reduce the loan term and overall interest costs.
Improved Cash Flow:
By making smaller, more frequent repayments, you can spread the cost of their loan over a longer period of time, making it easier to manage their finances.
With so many loan options available, it’s crucial to take the time to find the one that’s right for you.
Loan Repayment FAQ's
A Weekly & Fortnightly Payment Calculator is a tool that helps you estimate your loan repayments based on factors such as loan amount, interest rate, and term.
By paying your loan on a weekly & fortnightly basis instead of monthly, you can save money on interest and pay off your loan sooner.
A Fortnightly Payment Calculator takes into account the effect of making repayments on a fortnightly basis, whereas a Monthly Payment Calculator assumes that repayments are made on a monthly basis.
By making fortnightly repayments, you can reduce the overall length of your loan and save money on interest.
Yes, it is possible to change from monthly repayments to fortnightly repayments.
However, it is important to discuss this with your lender and ensure that you have the financial means to make the additional repayments.
At Virtus Mortgage Broking Services, we work with you to understand your financial situation and guide you through the process of making the switch to fortnightly repayments, if it is right for you.
When buying a property in Australia, it is important to consider the cost of any necessary renovations to cover any unexpected expenses.