How Much Could You Save?

Squirrel Mortgages How much can you save if you pay a little extra off your mortgage each week? A small increase in your mortgage payments can make a huge difference to how much you ultimately pay for a house. For the price of a coffee, or ten, you could save yourself a deposit for another house, or a really flash mid-life crisis. CONGRATULATIONS You've bought an Auckland house at the average price of $761.858 SOLD You've saved hard and put down a 20% deposit 20% $152,372. DEPOSIT SOLD 80% $609,486 BALANCE leaving you with a mortgage of $609,486 * Assuming that you've got a fixed interest rate of 6% and are And now you have to choose a payment strategy* paying the loan off over 30 years. The bare Minimum A tiny bit More A little bit More A bit More A lot More + $5 + $10 + $50 + $100 YOUR WEEKLY REPAYMENTS WOULD BE YOUR WEEKLY REPAYMENTS WOULD BE YOUR WEEKLY REPAYMENTS WOULD BE YOUR WEEKLY REPAYMENTS WOULD BE $842 $847 $852 YOUR WEEKLY REPAYMENTS WOULD BE $892 $942 That's 1 coffee per week That's 2 coffees per week Ok, you've probably got bigger issues if you're drinking 25 coffees per week. That's 10 coffees per week WHAT YOU'D PAY IN TOTAL WHAT YOU'D PAY IN TOTAL WHAT YOU'D PAY IN TOTAL $1,314,602 $1,302,726 WHAT YOU'D PAY IN TOTAL WHAT YOU'D PAY IN TOTAL $1,289,503 $1,201,311 $1,121,238 INCLUDING INTEREST OF INCLUDING INTEREST OF INCLUDING INTEREST OF $705,116 INCLUDING INTEREST OF $693,240 INCLUDING INTEREST OF $680,017 $591,825 $511,752 You'd save You'd save $0 $11,876 You'd save $25,099 THAT'S 1% LESS FOR THE HOUSE THAT'S 2% LESS FOR THE HOUSE You'd save $113,292 THAT'S 9% LESS FOR THE HOUSE You'd save $193,364 THAT'S 15% LESS FOR THE HOUSE Not to mention you'll pay your mortgage off quicker. 30 30 30 26 23 YEARS YEARS YEARS YEARS YEARS Makes you think, huh? Did you know that you don't need to be a first home buyer to use a mortgage broker? Contact us for a free mortgage assessment. We'll help you work out how to pay off your mortgage faster, saving you extra money for that super yacht you have in your 10 year plan. Squirrel.co.nz The mortgage and property experts