Calculators for Mortgages
RateCity’s calculators for mortgages can make the process of finding a suitable home loan simpler. That's because our calculators for mortgages 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 7 percent, you’ll see that the minimum repayments are around $3,534 per month. However, the calculator shows that by repaying, for example, an extra $150 per month, you could save more than $66,000 in interest over the life of the loan and be mortgage-free around two and a half years 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 7 percent, the monthly repayments would be around $3,534 and the overall interest you would pay over the life of the loan is around $560,000. For the same loan but with an ‘interest-only’ structure, the monthly repayments would be $617 less at $2,917, however the overall interest you would pay over 25 years would be $875,000, $315,000 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.
If you're looking to change loans or lenders, another of RateCity’s calculators for mortgages, the loans 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.