Comparison between loan repayemnts
$8-15 AUD / hora
i have $95,000 owing on a loan at 6.78% pa variable interest, but with $70,000 available cash back (due to payments in advance). This loan is for 25 years, expiring October 2044. I also have $781,000 owning on a different loan at 6.12% pa variable interest, a 30 year loan expiring September 2052. Both have interest accruing monthly, and monthly payments (although the smaller loan I have not paid back in some time due to payments in advance).
I believe I can save some interest by cashing out payments in advance on the smaller loan, and using this to pay down the larger. However the higher interest rate is obviously the catch. I want a comparison showing how much cash available I should use to pay down the larger loan - ideally a side-by-side table, perhaps in $5k increments, showing this in terms of overall interest expense saved. Assume otherwise standard/base repayments for the duration of the loans.
Note I'd expect a .5% increase in interest across both loans in the near future, however I'm not sure that's materially worth factoring into the calculations?
I'd like an Excel (or Google) spreadsheet returned with workings/formulas so I can understand the workings.
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