How can a home loan calculator help me plan?
Whether you are wondering about your borrowing capacity, or wish to calculate your anticipated mortgage repayments, a home loan calculator can be a valuable tool.
Read on to find out more about our favourite calculators – and how they can help you to save money on your mortgage.
The cost of buying
When it comes to buying a new home, there are many costs to consider beyond the purchase price. A cost of buying calculator helps you to weigh up and evaluate your various expenses – including inspection reports, loan application fees and mortgage insurance – to help you determine the true costs of buying a property.
Your borrowing capacity
If you’re a first-time buyer and new to the home loan space, you might be curious about how much money you are able to borrow. By supplying the details of the people applying for the loan – including your gross earnings, the limits on your current credit card and the number of cars you own, you can get a quick and easy estimate of how much you can realistically afford to borrow.
Mortgage repayments
There are simple online tools to help you determine your mortgage payments based on a number of factors – namely, your loan amount, your rate of interest and the term of your loan. Your repayment frequency – monthly, weekly or fortnightly – and your repayment type will all affect how much you owe.
Paying your mortgage off even faster
You may wish to make extra repayments on your mortgage from time to time. This can help to shave years off the term of your loan and has the potential to save you thousands of dollars in interest. By quickly running your figures through an extra repayment calculator, you’ll be able to see an estimate of where you stand and what you could afford to save.