Have you ever wondered whether it is worth making extra payments into your home-loan account? And is there a way to actually calculate these savings?
These may seem tricky but it’s actually quite easy to calculate! In fact it’s easy to work out how many months sooner you can pay off your loan and how much interest that will save you! And then if you want you can compare that to investing and work out whether you should invest your money or pay your loan off.
In the long run it’s better from a financial perspective to invest any extra money you have, but there are other less obvious reasons that may sway you to rather pay your debt. Have a look at why I’ve decided to pay my home loan off early rather than invest.
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