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What if my interest rate changes?

Would my current repayments be enough if interest rates rose by 2%? How much sooner could I be debt free if interest rates fell?

Does a small difference in interest rates make a big difference to my loan? Over the term of a loan it's significant! This calculator will show you how much faster or slower you would repay your loan if the interest rate varied by up to 2% either way. The accumulated interest paid on long-term debt can be fairly steep so getting the best initial interest rate and then actively managing your ongoing interest rates and repayment levels will achieve the best long-term financial outcome - lower debt levels and more cash in your pocket.

For more information on this topic, try the article links below:

• How do I decide whether to take a fixed interest rate or floating interest rate home loan?