Calculate your mortgage payments

RateCity’s calculators for mortgages can make the process of finding a suitable home loan simpler. That's because our calculators for home loans allow you to not only calculate the costs of interest long term and the monthly repayment you'll be up for, but you can even determine the costs of a specific mortgage product you may be interested in.

Calculate additional repayments

Using RateCity’s calculators for mortgages, you can also easily see what effect making regular additional repayments can have on your home loan and bottom line.

For example, by using the home loan calculator to check a $500,000, 25 year, principal and interest home loan at a rate of 5 percent, you’ll see that the minimum repayments are around $2,923 per month. However, the calculator shows that by repaying, for example, an extra $150 per month, you could save more than $39,490 in interest over the life of the loan and be mortgage-free around two years and three months sooner.

P&I versus interest-only

The RateCity home loan calculator allows you to compare the different repayment levels and the long term financial implications of choosing between principal and interest (P&I) and interest-only home loans.

For example, on a $500,000, 25 year P&I loan at an interest rate of 5 percent, the monthly repayments would be around $2,923 and the overall interest you would pay over the life of the loan is around $376,000. For the same loan but with an ‘interest-only’ structure, the monthly repayments would be $804 less at $2,083, however the overall interest you would pay over 25 years would be $625,000, $248,000 more than with the 25 year P&I loan. Sound a little confusing? Why not check out our mortgage calculator and see how much you could save by adjusting repayments today.

Switching lenders

If you're looking to change loans or lenders, another of RateCity’s calculators for mortgages, the loan calculator is a useful tool. All you have to do is enter the size of the loan you want, the term, whether it is to be fixed or variable and the calculator does the rest – making comparing home loans simpler.

You don't have to be an accountant to calculate ways to save money on your home loan. In fact, with all the online tools available you don't even have to be great at maths. Just understand your budget, limitations, compare home loan products and calculate your repayments to work out what is going to suit you best.

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