uppercut7141
asked on
Australian Method of paying off a mortgage
Hello,
Does anyone have any information about the Australian Method of paying off a mortgage? What software is required? I'm assuming that this "software" would be coming from the financial institution, but I'm a bit unclear about how to go about this. I'd like to payoff my mortgage ASAP, but wanted to know if anyone has had any experience with this and the pros/cons about this mortgage solution?
Does anyone have any information about the Australian Method of paying off a mortgage? What software is required? I'm assuming that this "software" would be coming from the financial institution, but I'm a bit unclear about how to go about this. I'd like to payoff my mortgage ASAP, but wanted to know if anyone has had any experience with this and the pros/cons about this mortgage solution?
Your really don't need any software or program to pay off your mortgage faster.
You can set your monthly payment higher than the required amount.
You can make extra, one-time, periodic, or occasional payments as y our cash flow allows.
A simple mortgage calculator in Excel is all you need to look at various scenarios.
You can set your monthly payment higher than the required amount.
You can make extra, one-time, periodic, or occasional payments as y our cash flow allows.
A simple mortgage calculator in Excel is all you need to look at various scenarios.
ASKER
Do you have an link I can try to do this?
Here is one http://www.skipton.co.uk/mortgages/mortgage-calculators/flexible-payments-calculator
I also have an Excel spreadsheet somewhere. I will try to find it.
I also have an Excel spreadsheet somewhere. I will try to find it.
I found it. If you let me know the interest rate and the term, I will set it up.
It can calculate the standard payoff say for $100K, then you can what higher monthly and/or occasional payments do for you.
It can calculate the standard payoff say for $100K, then you can what higher monthly and/or occasional payments do for you.
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http://en.wikipedia.org/wiki/Mortgage_acceleration
In particular, the article notes that the Australian Method has been outlawed in Australia.