{"id":90149,"date":"2024-08-14T11:45:56","date_gmt":"2024-08-14T03:45:56","guid":{"rendered":"https:\/\/iqiglobal.com\/blog\/?p=90149"},"modified":"2026-01-09T16:00:25","modified_gmt":"2026-01-09T08:00:25","slug":"how-to-pay-home-loan-faster","status":"publish","type":"post","link":"https:\/\/iqiglobal.com\/blog\/how-to-pay-home-loan-faster\/","title":{"rendered":"How to Pay Your Home Loan Faster: One Simple Trick to Becoming Debt-Free Quicker"},"content":{"rendered":"\n

Version:<\/em> CN<\/mark><\/em><\/strong><\/a><\/p>\n\n\n\n

The contents of this article were contributed by AG Sasidar<\/a>, <\/strong>real estate professional with 5 years of experience.<\/em><\/em><\/p>\n\n\n\n

Do you feel like it’s taking forever<\/strong> to finish paying off your mortgage loan?<\/p>\n\n\n\n

We may think of paying more every month<\/strong> to reduce the monthly repayments, but if you’re looking to shorten your home loan tenure, this is not<\/strong> the way to go.<\/p>\n\n\n\n

Is there a way to shorten<\/strong> the time taken to pay off your home loan, from 35 years to 30 years, or perhaps even 25 years? Read on to find out!<\/p>\n\n\n\n

\n\n\n\nMortgage Loan: How To Pay Off Faster<\/h2>
1. How to Calculate Monthly Home Loan Repayment (Principal + Interest)<\/a><\/li>
2. How to Pay Home Loan Faster<\/a>
Reducing-Balance method<\/a><\/li>
What Should You Do To Pay Home Loan Faster?<\/a><\/li><\/ul><\/li>
3. Should You Pay Your Home Loan Early?<\/a><\/li>
4. What Happens if You Cannot Pay the Home Loan?<\/a>
Penalty fees<\/a><\/li>
Inform your bank<\/a><\/li><\/ul><\/li><\/ul><\/div>\n\n\n\n
\n\n\n\n
1. How to Calculate Monthly Home Loan Repayment (Principal + Interest)<\/h2>\n\n\n\n
The first thing you have to know is that what you’re paying is not just the price of the house<\/strong> – you are also paying interest<\/strong> on the home loan itself.<\/p>\n\n\n\n
In order to solve this problem, you should know how much interest you’re paying<\/strong> for your home loan.<\/p>\n\n\n
\n
$\"\"$ <\/figure>\n<\/div>\n\n\n
Let’s take an example:<\/p>\n\n\n\n
Loan Amount:<\/strong> RM300,000
Interest Rate:<\/strong> 4.2% per year (0.35% per month)
Loan Period:<\/strong> 30 years<\/p>\n\n\n\n
If we put this amount into a mortgage calculator, our monthly repayment amount would be RM1,467.05.<\/strong><\/p>\n\n\n\n
Try inserting this number into this home loan calculator<\/a>:<\/p>\n\n\n\n
$\"MortgageCalculator.org.\"$ <\/a>
<\/iframe><br><a href=\"https:\/\/www.mortgagecalculator.org\/free-tools\/\"><font color=\"#000000\">www.MortgageCalculator.org<\/font><\/a><\/p><\/div>\n\n\n\n<p>For your first monthly payment, the interest is calculated by applying the <strong>0.35% monthly rate<\/strong> to the <strong>RM300,000 loan amount<\/strong>.<\/p>\n\n\n\n<p>This results in an interest charge of <strong>RM1050 for the first month<\/strong> (0.35% X RM300,000)<strong>!<\/strong><\/p>\n\n\n\n<p>That means, from the RM1,467.05<strong> <\/strong>you paid,<strong> only RM417.05 goes to the principal payment.<\/strong> The bulk of it <strong>goes to interest!<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Loan balance<\/strong><\/td><td><strong>Total repayment<\/strong><\/td><td><strong>Principal payment paid<\/strong><\/td><td><strong>Interest paid<\/strong><\/td><\/tr><tr><td>RM300,000<\/td><td>RM1,467.05<\/td><td>RM417.05<\/td><td><strong>RM1050<\/strong><\/td><\/tr><tr><td>RM299,582.95<\/td><td>RM1,467.05<\/td><td>RM418.51<\/td><td><strong>RM1,048.54<\/strong><\/td><\/tr><tr><td>RM299,164.44<\/td><td>RM1,467.05<\/td><td>RM419.97<\/td><td><strong>RM1,047.06<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Unless you want to <strong>pay it off earlier<\/strong>, this is how you’ll be repaying your <strong>30-year fixed loan<\/strong> that covers both your <strong>principal and interest<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-how-to-pay-home-loan-faster\">2. How to Pay Home Loan Faster<\/h2>\n\n\n\n<p>The best way to <strong>reduce your home loan tenure<\/strong> is by contributing more of your payments towards the <strong>principal payment<\/strong>, rather than the interest.<\/p>\n\n\n\n<p>This is known as the <strong>reducing balance method.<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"2560\" height=\"1439\" src=\"https:\/\/iqiglobal-web-revamp.s3.ap-southeast-1.amazonaws.com\/wp\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-scaled.webp\" alt=\"pay home loan faster\" class=\"wp-image-90398\" style=\"width:565px;height:auto\" srcset=\"https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-scaled.webp 2560w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-300x169.webp 300w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-1024x576.webp 1024w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-768x432.webp 768w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-1536x864.webp 1536w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-2048x1151.webp 2048w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-370x208.webp 370w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-1290x725.webp 1290w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-1080x607.webp 1080w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-865x486.webp 865w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-642x361.webp 642w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_2436778797-edited-270x152.webp 270w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-reducing-balance-method\">Reducing-Balance method<\/h3>\n\n\n\n<p>In this method, interest is calculated on the <strong>remaining loan amount<\/strong> after each payment.<\/p>\n\n\n\n<p>Which means, if your <strong>remaining principal loan<\/strong> amount is <strong>higher<\/strong>, then you’re <strong>paying more interest<\/strong> on it.<\/p>\n\n\n\n<p>To solve this problem, we can try to <strong>lessen the principal amount<\/strong>, so that we’re paying <strong>less interest<\/strong> throughout the loan tenure.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Principal amount  ↑ = Interest  ↑<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>Principal amount  ↓ = Interest  ↓<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Interest<\/strong> <strong>paid = Outstanding principal loan x Rate of interest<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-should-you-do-to-pay-home-loan-faster\">What Should You Do To Pay Home Loan Faster?<\/h3>\n\n\n\n<p>As mentioned above, paying more every month <strong>will not reduce<\/strong> your principal loan amount.<\/p>\n\n\n\n<p>So what you can do is to go to your <strong>bank’s Mortgage Department<\/strong> and let them know that you plan to <strong>pay the principal payment<\/strong>.<\/p>\n\n\n\n<p>They will give you the <strong>minimum amount<\/strong>, and if you have enough money to pay off this amount, you can make a <strong>one-time payment<\/strong> through the bank itself or online.<\/p>\n\n\n\n<p>This way, you will be able to <strong>reduce the duration of your loan<\/strong>, e.g. from <strong>35 to 30 years<\/strong>, plus <strong>save up on interest payments.<\/strong><\/p>\n\n\n\n<p>Most will ask for help for this from agencies, but this just <strong>adds more cost<\/strong>, so we suggest to do it yourself.<\/p>\n\n\n\n<iframe src=\"https:\/\/www.facebook.com\/plugins\/video.php?height=476&href=https%3A%2F%2Fwww.facebook.com%2FIqiGlobal%2Fvideos%2F1088569855760624%2F&show_text=true&width=267&t=0\" width=\"267\" height=\"591\" style=\"border:none;overflow:hidden\" scrolling=\"no\" frameborder=\"0\" allowfullscreen=\"true\" allow=\"autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share\"><\/iframe>\n\n\n\n<p> <\/p>\n\n\n\n<p><strong>Note:<\/strong> Before you do this, make sure that the loan you currently have <strong>does not penalise<\/strong> you for paying your loan early.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-should-you-pay-your-home-loan-early\">3. Should You Pay Your Home Loan Early?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1080\" height=\"607\" src=\"https:\/\/iqiglobal-web-revamp.s3.ap-southeast-1.amazonaws.com\/wp\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited.jpg\" alt=\"\" class=\"wp-image-90397\" style=\"width:613px;height:auto\" srcset=\"https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited.jpg 1080w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited-300x169.jpg 300w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited-1024x576.jpg 1024w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited-768x432.jpg 768w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited-370x208.jpg 370w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited-865x486.jpg 865w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited-642x361.jpg 642w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_151692086-edited-270x152.jpg 270w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/figure>\n<\/div>\n\n\n<p>There are some <strong>benefits<\/strong> to paying off your home loan quicker:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Save up to 50%<\/strong> of the house price with less interest paid<\/li>\n\n\n\n<li><strong>Peace of mind<\/strong>, assuming you have no other loans<\/li>\n\n\n\n<li>Being <strong>debt-free<\/strong>, giving you protection from losing your home<\/li>\n\n\n\n<li><strong>More savings<\/strong> for other use such as travel or retirement<\/li>\n<\/ol>\n\n\n\n<p>If you have the financial capability to pay off your home loan faster<strong>, you could be saving a whole lot of money<\/strong> in the long run.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-what-happens-if-you-cannot-pay-the-home-loan\">4. What Happens if You Cannot Pay the Home Loan?<\/h2>\n\n\n\n<p>In cases where you <strong>don’t have enough funds<\/strong> to pay off your home loan, here’s what you should look out for:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1440\" src=\"https:\/\/iqiglobal-web-revamp.s3.ap-southeast-1.amazonaws.com\/wp\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-scaled.webp\" alt=\"keliru dalam membuat keputusan\" class=\"wp-image-90396\" style=\"width:595px;height:auto\" srcset=\"https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-scaled.webp 2560w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-300x169.webp 300w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-1024x576.webp 1024w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-768x432.webp 768w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-1536x864.webp 1536w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-2048x1152.webp 2048w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-370x208.webp 370w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-1290x725.webp 1290w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-1080x607.webp 1080w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-865x486.webp 865w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-642x361.webp 642w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/08\/shutterstock_1126693202-edited-270x152.webp 270w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-penalty-fees\">Penalty fees<\/h3>\n\n\n\n<p>A reduced term might mean you’re <strong>paying more<\/strong> every month.<\/p>\n\n\n\n<p>In cases where you might <strong>not be able to keep up<\/strong> with the instalments, you might be <strong>charged a penalty fee.<\/strong><\/p>\n\n\n\n<p><strong>Don’t ignore<\/strong> this penalty fee, as it might compound into even <strong>bigger interest<\/strong>, which means <strong>more payments<\/strong>!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-inform-your-bank\">Inform your bank<\/h3>\n\n\n\n<p>If you’re going through a difficult time and don’t have the capacity to repay your home loan, visit and <strong>inform your bank as soon as possible<\/strong>.<\/p>\n\n\n\n<p>Worse comes to worst, if you’re out of options, the bank might <strong>repossess your assets and file you for bankruptcy.<\/strong><\/p>\n\n\n\n<p>So make sure you <strong>contact your bank<\/strong> as soon as possible if any financial troubles occur!<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide sc_height_tiny\">\n\n\n\n<p><em>The contents of this article were contributed by <strong><a href=\"https:\/\/www.iqiglobal.com\/agent\/sasidaran-a-l-ganesan?c=\" target=\"_blank\" rel=\"nofollow noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-text-hover-color\">AG Sasidar<\/mark><\/a><\/strong><\/em>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"960\" src=\"https:\/\/iqiglobal-web-revamp.s3.ap-southeast-1.amazonaws.com\/wp\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n.jpg\" alt=\"\" class=\"wp-image-87549\" style=\"width:212px;height:auto\" srcset=\"https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n.jpg 960w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-300x300.jpg 300w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-150x150.jpg 150w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-768x768.jpg 768w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-370x370.jpg 370w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-120x120.jpg 120w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-865x865.jpg 865w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-642x642.jpg 642w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-160x160.jpg 160w, https:\/\/iqiglobal.com\/blog\/wp-content\/uploads\/2024\/06\/442488295_1018301639851861_7512596236443924326_n-80x80.jpg 80w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n<\/div>\n\n\n<p><em>AG Sasidar is one of the Head of Teams from IQI Elite, with 5 years of experience in the real estate industry. He is also the first Indian real estate influencer in Malaysia, focusing on helping Indian buyers realize their home ownership dreams and sharing real estate knowledge through social media.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide sc_height_tiny\">\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-text-hover-color\">Put what you’ve learned to good use! This is your chance to invest in a property with a trusted IQI agent. Leave your details below and we will help you as soon as possible!<\/mark><\/strong><\/p>\n\n\n\n<div class=\"wp-block-leadin-hubspot-form-block\">\n\t\t\t\t\t\t<script>\n\t\t\t\t\t\t\twindow.hsFormsOnReady = window.hsFormsOnReady || [];\n\t\t\t\t\t\t\twindow.hsFormsOnReady.push(()=>{\n\t\t\t\t\t\t\t\thbspt.forms.create({\n\t\t\t\t\t\t\t\t\tportalId: 5699703,\n\t\t\t\t\t\t\t\t\tformId: \"85ebae59-f425-419b-a59d-3531ad1df948\",\n\t\t\t\t\t\t\t\t\ttarget: \"#hbspt-form-1776619157000-2661125351\",\n\t\t\t\t\t\t\t\t\tregion: \"na1\",\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t})});\n\t\t\t\t\t\t<\/script>\n\t\t\t\t\t\t<div class=\"hbspt-form\" id=\"hbspt-form-1776619157000-2661125351\"><\/div><\/div>\n\n\n\n<p class=\"has-text-align-center\"><strong>Continue reading:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a href=\"https:\/\/iqiglobal.com\/blog\/ways-to-negotiate-with-homeowner\/\"><\/a><a href=\"https:\/\/iqiglobal.com\/blog\/considering-a-joint-home-loan-with-your-partner\/\" target=\"_blank\" rel=\"nofollow noreferrer noopener\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-text-hover-color\">Considering a Joint Home Loan: Yes or No? What to Do if I Break Up After Purchasing a House?<\/mark><\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/iqiglobal.com\/blog\/running-airbnb-services-in-malaysia\/\" target=\"_blank\" rel=\"nofollow noreferrer noopener\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-text-hover-color\">Is it Illegal to Run an Airbnb Service in Malaysia? We Have The Answer, Plus A Game-Changing Airbnb Hack<\/mark><\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/iqiglobal.com\/blog\/ways-to-negotiate-with-homeowner\/\" target=\"_blank\" rel=\"nofollow noreferrer noopener\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-text-hover-color\">How Can You Get FREE Furniture? Here’s 5 Ways to Negotiate with Homeowners and Get More From Your Purchase<\/mark><\/strong><\/a><\/li>\n<\/ol>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>Version: CN The contents of this article were contributed by AG Sasidar, real estate professional with 5 years of experience. Do you feel like it’s taking forever to finish paying off your mortgage loan? We may think of paying more every month to reduce the monthly repayments, but if you’re looking to shorten your home…<\/p>\n","protected":false},"author":39,"featured_media":90395,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","postBodyCss":"","postBodyMargin":[],"postBodyPadding":[],"postBodyBackground":{"backgroundType":"classic","gradient":""},"footnotes":""},"categories":[10209],"tags":[10816,265,231,224],"class_list":["post-90149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-warrior-story","tag-ask-agent-en","tag-investment","tag-iqi-en","tag-real-estate"],"yoast_head":"\n<title>How to Pay Your Home Loan Faster and Get Out of Debt Quicker<\/title>\n<meta name=\"description\" content=\"The best way to pay home loan faster is to reduce interest by prioritizing the principal payment through the bank's mortgage department.\" \/>\n<meta name=\"robots\" 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