Debt Reduction Calculator

[Ronulas]

Hi all,

Has anyone out there developed a debt reduction spreadsheet they would like to share? I am interested in comparing different loans and visually seeing which loan will have the most effect by making extra repayments ect.

I did a search on the subject and while there is plenty of discussions about the subject, there arn't too many attachments.

Thanks

 

[Ecogirl]

Hi Ronulas

There are some great calculators on the Aussie website.

http://www.eaussie.com.au/Mortgages/Loan_Repayments.htm

If you want to compare two loans and the costs differences - get the comparison rate for each loan (make sure you use the same loan amount and term) and calculate the total cost for each loan. This way you are comparing apples with apples.

There are also repayment calculators for extra repayments and lump sum repayments. They are great to see what the cost of a carton of beer a week does for your mortgage over 30yrs.

Cheers
Amanda

PS: My clients find this site helpful to see how quickly they can pay their loan off sooner.