This calculator tells you how fast your table mortgage pays back the principal amount. Because most of your repayment in the first few years goes towards paying interest, there is less available for principal repayments. At current interest rates, you need to make about two thirds of your payments to get your mortgage obligation down by half.
That is why adding additional payments in the earlier periods is so powerful. Once you are more than halfway through the mortgage term, the situation turns the other way quickly.
It is here as part of our partnership with Calculate.co.nz.