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Interest-Only with Additional Payments Calculator

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Amount : (R)
Interest Rate : (%)
Length : (Years)
Additional Payment : (R)
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Financial Analysis (Switch to Plain English)
  Interest-Only With Additional Payment
Average Monthly Payment : R1,041.67 R1,054.27
Months Already Paid : 360 360
Total Monthly Payments : R375,000.00 R379,537.50
Total Interests Paid : R375,000.00 R361,537.50
Interest Savings : R13,462.50
Balance : R250,000.00 R232,000.00
Equity Appreciation R0.00 R18,000.00
Plain English Help (Switch to Financial Analysis)

If you take out an interest only loan and then make additional payments, you might be able to save yourself some money over the long haul. If you take out a 30 year loan for R250,000.00 with a 5.000% interest rate, for example, the monthly payment would be about R1,041.67. This means you will pay R375,000.00 in interest at the end of the loan term.

If you pay an extra R50.00 per month, however, your average monthly payment will not be much more, only R1,054.27. At the end of the loan period, you will have paid R361,537.50 in interest. Since your extra payment will get your interest paid off sooner, you will save R13,462.50 in interest by paying an extra R50.00 each month. This will reduce the balance of your R250,000.00 loan to R232,000.00, which will result in R18,000.00 in loan appreciation.

     
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