Most Australian’s dream of owning a home. The reality of such a dream can be out of reach for most but that doesn’t mean you shouldn’t start saving and researching what you could be doing to work towards your home owner goal.
There are many tools available online to help you plan and realise your home loan dreams. One online tool is a home loan repayment calculator.
Home loan calculators
If you’re in the market for a home loan, then you’ve come to the right place because at RateCity you can search, compare and even apply for some of the best available mortgages all through the one site. We have loads of great tools and information about applying for the best home loan for you, including news, articles and even a simple to use home loan calculator.
Our home loan calculator lets you work out how much you can comfortably afford to borrow. All you have to do is enter the amount you wish to borrow and the interest rate into the home loan calculator. You’ll then be quoted a monthly repayment figure as well as the total financial cost of the home loan.
Using the home loan calculator you’ll also be able to see the impact of making additional repayments on your home loan. For example, if you were using the home loan calculator to price up a $300,000 home loan at a rate of 6.5 percent you’d be able to determine that repayments might be around $2000 per month. By adding an extra $100 per month, however, you could potentially save more than $38,000 over the life of the loan and be mortgage free almost 3 years sooner! It’s a great motivator to help you get on top of your finances!
For your convenience we’ve also added home loan calculators to every individual home loan page – so if you’ve found a great loan that suits your needs you can work out repayments and all the really important information without having to navigate away from the page
This can be a great way to find out exactly what type of monthly expenses you will be up for, depending on the size of the loan you want to borrow. Once you have established the financial requirements you can sit down and work out how much of a deposit you need to save and if your current income will cover your desired loan amount.
Jump onto the home loan comparison page to view a huge range of Australian home loans and once you have some base rates to go by, you can jump into the home loan repayment calculator and work out your repayments.