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You can't beat the bank by paying $1 a day extra on your mortgage. Here's how compound interest really works

  • Written by: Sagarika Mishra, Associate professor, Deakin University
You can't beat the bank by paying $1 a day extra on your mortgage. Here's how compound interest really worksShutterstock

By paying just $1 a day extra on your mortgage, you can hack the banking system and cut the time to repay your home loan from 20 years to just five years.

Sounds too good to be true? Of course it is. But that hasn’t stopped someone “good at finance” from claiming this in a TikTok video that’s garnered millions of...

Read more: You can't beat the bank by paying $1 a day extra on your mortgage. Here's how compound interest real...

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