|11. Your Payout Plan|
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Your Payout Plan lets you decide how quickly you would like to pay off your mortgage, and then shows you exactly what you have to do to achieve it. It works with your current balance and is automatically updated every time you enter a new statement or update your loan details, keeping you on track every step of the way.
Note: The repayment amount specified in this report does not include any additional fees your lender charges you. Therefore if you pay a regular account keeping fee you will need to add it to the repayment amount displayed in the screen.
Once you have used the detailed payout plan report to work out how many years you can afford to cut off your loan, (1) lock in your Target Loan Term into the screen (you can enter your target as a Total Loan Term (years), a Pay Off Loan By (date), or a Reduce Loan Term By (years). You will then (2) be shown exactly what you have to do to reach your goal, and by clicking on the chart button (3) you can see exactly when you will be debt free and how much you will save.