Mortgage Repayment Calculator

 

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Updated 18/08/2022. Whether you’re hoping to get a better understanding of what to expect when repaying your loan or mortgage, or if you are keen to learn if you’re receiving competitive interest rates on your repayments – a mortgage repayment calculator will help. Checking a mortgage loan interest calculator makes it much easier to approach a lender or broker, as you will have a greater level of understanding of what you can afford to borrow. Knowing what you can expect to repay on your mortgage is not only financially sound but will also allow you to see how a change in interest rates will affect your borrowing capacity. If you’re keen to take advantage of our free home loan calculator information – which has been developed by finance industry professionals – then why not take a look at our website and services, or keep reading to learn more? [tabby title=" What are Mortgage Calculators?"]

What are Mortgage Calculators?

As the name may suggest, a mortgage calculator is a tool that helps you to estimate how much you can expect to repay on your mortgage or loan. Sometimes referred to as a home loan calculator, it will consider current interest rates, deposit amounts, repayment time and other comparison factors. Once these pieces of data have been worked out, a sum will be presented, and it is this amount that a new home buyer can expect to repay to their lender. Our calculator relies on up to date information and advanced algorithms to calculate an accurate amount relating to your repayments.

How do Mortgage Repayment Calculators Work?

Many people overlook the potential of a mortgage repayment calculator in favour of home loan comparison sites. In reality both can be beneficial, but only one will allow you to identify what you can expect to pay back over time. Loan comparison sites might present the cheapest options available – but there is often very little information relating to missing repayment deadlines and loan repayment frequency and whether their suggested outcome is ideal for your situation. That’s where relying on a mortgage repayment calculator, combined with the services of an experienced mortgage broker, becomes a better option. When using our calculator, you’ll obtain a better idea of how much you can afford to borrow, as well as being able to plan and budget around your repayments. The intelligent algorithm works by evaluating your deposit, the total value of your loan, the time frame in which you’d like to repay, and current interest rates. As these home loan rates are prone to increasing and decreasing from time to time, it’s useful to enter the interest rates manually, and then compare the results with different repayment timeframes, loan amounts, repayment type, mortgage type, and principal & interest vs interest-only. This makes our calculator ideal for those hoping to obtain first mortgage, or for people already paying back a mortgage and wondering how interest rate adjustments may affect them.

How to Use our Repayment Calculator

Our calculator is incredibly straight forward to use. To do so you will only need a few details, including an idea about your deposit amount (most lenders will share their minimum with you, for example 10% or 20% of the total cost of the loan). Once you have input your deposit amount, you can then add the total sum that you’d like to borrow from a bank or lender, followed by the current home loan rates (obtainable from your bank, lender, or speak to us). These interest rates can change from time to time, so it’s a good idea to make sure that you’ve included the most up to date rates to get an accurate result for your home loan repayment. Your next option will be to select your preferred repayment timescale. This can be ten, twenty, or thirty years – sometimes longer – so it’s a good idea to check your bank or lender’s policies and see their maximum timeframes for loan repayments. Finally, one of the most important features to address is your repayment schedule. How frequently are you hoping to repay your loan? In most cases, this option should be set to monthly mortgage repayments for easier comparison. Once you’ve entered all of the correct information, simply click the button to be presented with your mortgage repayment estimate. This will be based on current home loan rates and so it’s a good idea to check back from time to time to ensure accuracy. This amount will represent what your bank or lender will expect you to pay back each month over your specified amount of time.

Why Would You Need to Use an Online Mortgage Calculation Tool?

There are two main reasons as to why you may need to use our calculator. The first relates to new home buyers hoping to obtain a better understanding of what they will be expected to pay back. The second reason refers to those with a mortgage or loan already in place. If you fall into this latter category, then you may be keen to learn how an increase or decrease in rates might affect you. You may have even found a variety of cheap loan options and you’re now keen to undertake a home loan comparison to ensure that you get the most appropriate deal for your situation. There’s no limit on the amount of times that you can use our home loan repayment calculator either, making it ideally suited for those wanting to plan their home loan repayments ahead of time, and potentially save themselves some cash. So, whether you’re hoping to apply for a mortgage in Australia or if you’re keen to keep on top of the current interest rate – don’t hesitate to browse our site, enjoy the information that we provide and make full use of our mortgage repayment calculator. [tabbyending]  

Learn How to Use our Mortgage Repayment Calculator:

This short video explains how to use our mortgage calculator, including the useful feature of making extra repayments: