![]() A customer with a $300,000 home loan over 25 years had an offset account linked to the home loan for the entire loan term with a constant balance of $50,000 in it, they would only pay interest on $250,000 for the entire loan term. With a 100% offset account the balance of the offset account is taken away from the principal remaining on the loan for interest calculation. The credit balance of your transaction account is offset daily against your outstanding loan balance, reducing the interest payable on that loan. An offset account is a transaction account that can be linked to your home or investment loan. How Mortgage Offset Worksįirst of all you need to have an offset account linked to your home loan account. In addition we are not going to provide any support on unprotected calculators with any modification or customization. Please note you cannot re-distribute our calculators without a written approval from us even for the ones with your modification or customization. The advantage of the unprotected version is that you can freely edit the tool without any limit although we still own the copyright of the unprotected calculator. If you need the unprotected version of any calculator a fee will apply. You need to have Microsoft Excel® 2007 & Above for Microsoft Windows® OR Microsoft Excel 2011 & Above for Mac® to use it.Īll the calculators (paid and free ones) on this website are password protected. This calculator is built in Microsoft Excel worksheet. Here is a screenshot that will give you a better idea that what you need to do and what this FREE Mortgage Offset Calculator can tell you. (7) input occasional deposit to the offset account on a daily basis. (6) input occasional withdrawal from the offset account on a daily basis (5) calculate daily home loan repayment, interest, and principal The top-up frequency can be different from the home loan repayment frequency (4) specify the offset account top-up frequency by weekly, fortnightly, or monthly as well as change top-up amount. (3) specify a start balance of the offset account (2) vary mortgage terms from 1 to 30 years (1) choose home loan repayment frequency by weekly, fortnightly, or monthly This Mortgage Offset Calculator is far better than those currently available on the market. monthly, fortnightly, or weekly? How long does it take to repay my mortgage by using mortgage offset? If you have asked yourself these questions, you can use this FREE Mortgage Offset Calculator to calculate the time and interests that you might be able to save by using mortgage offset account and make regular deposits into the offset account. How much interests I can possibly save if I use an mortgage offset account and top up the offset account on a regular basis, i.e.
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