You are buying two homes.
You only get to keep one.
On the bank's schedule, the interest you pay can cost as much as the house itself. One home is yours to live in. The other you build, payment by payment, for the bank.
The second home you never live in
Enter your own numbers below: what you borrowed, your rate, and the loan term. The calculator works out what you actually repay over the life of the loan, and shows the difference as a second home built entirely from interest.
The red bar is the interest. It buys you nothing to live in, yet over the full term it can stand as tall as the home itself. That is the second home, and you build it for the bank.
There is one way to change this
The size of that second home comes down to one thing: the number of years you stay in the loan. The longer you owe, the longer the bank earns. Shorten the loan and you shrink the interest and own your home sooner, at the same time.
You do not need a better rate to do this. You need a faster path through the loan, built around your real numbers.
Stop building the bank's home.
A free FastPay assessment shows how many years you can take back, on the income and lifestyle you have now.
Where your repayment really goes
See why the lender collects most of its interest in the early years, and what happens when rates move.
Your repayment, split open
See how much of this month's repayment reduces your debt and how much goes to the bank as interest.
Figures are indicative only and should be used as a guide. They are neither a quote nor a pre-qualification. Calculations assume a principal and interest loan with monthly repayments at a constant rate. Your loan's actual figures will differ. Oculus FastPay is not a lender or a broker and does not provide financial product advice.