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At the current average variable rate of 6.22%, monthly repayments on a $300,000 home loan are:30-year term: $1,900/month (P&I)25-year term: $2,029/month (P&I)Interest-only: $1,630/monthChoosing the 25-year term costs an extra $129/month but saves approximately $75,300 in total in
| Term | Monthly P&I | Monthly Interest-Only |
|---|---|---|
| 30 years | $1,900/mo | $1,630/mo |
| 25 years | $2,029/mo | — |
Based on average variable rate. Use our mortgage repayment calculator for an exact figure at your rate.
You'd typically need a gross annual income of around $55,000–$65,000 for a single applicant with minimal debts. Joint applicants earning a combined $55,000+ would usually qualify.
Yes. At 6.22%, a 15-year term requires $2,613/month — $713 more than a 30-year term. But you'd save approximately $214,000 in total interest and be mortgage-free in half the time.
An extra $200/month saves approximately $102,000 in interest and takes almost 7 years off the loan. Even $50/month extra saves around $30,000 and 2 years.
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