A major part of your wealth building strategy should be to eliminate non-deductible debt as quickly as possible. This calculator has been designed to help you to plan your debt reduction campaign, and then to consider ways you can borrow for investment.
More information can be found in Chapters 8 and 16 of Noel Whittaker’s book Golden Rules of Wealth.
Remember, every dollar you save in interest, may be equal to nearly two dollars you earn.
Just enter the loan amount, monthly payment and interest rate and click calculate. Notice how much interest you’re paying. Now increase the monthly payment and notice how much interest you save.
This will enable you to calculate the monthly payments on any loan you are thinking of taking out. Don’t forget that a rise in interest rates could mean a rise in your repayments. So make sure you always leave yourself a safety net.
This will enable you to find out how much you could borrow using a monthly repayment that is comfortable for you. Bear in mind that a rise in interest rates would lengthen the term if you didn’t raise your repayments.