Keen to pay down your home loan with minimal effort and looking for advice about how to do it? Then you’ve come to right place because at RateCity we’ve got heaps of advice, guides, tips and even calculators – including a mortgage calculator – that will help put you on the fast track to financial freedom.
The RateCity mortgage calculator is simple to use and provides quick results. It allows you to estimate your home loan repayments, calculate the amount of interest you’ll pay and can even reveal the impact of increasing your monthly repayments.
For instance, if you’re considering borrowing $300,000 at a rate of 7 percent over 30 years you can plug this information straight into the mortgage calculator. Within seconds you’ll have a clear idea of your commitment per month and over the loan term. In this example, monthly repayments will be around $1996.
After using the mortgage calculator you may realise that you could afford to repay an extra $100 per month from your salary, for instance. By adjusting the scale or typing the amount into the ‘additional repayment’ section in the mortgage calculator you will quickly see the benefits of accelerating repayments. For example, an extra $100 per month – or literally just over $3 per day – on the above-mentioned loan could potentially save you almost $70,000 over the life of the loan and see you mortgage-free more than four years sooner!
You can even go one step further with the mortgage calculator and adjust your repayment frequency. By switching from monthly to weekly repayments could potentially save you even more money long term. This will depend on your lender of course, but to make it really easy we’ve added a mortgage calculator on each individual home loan product page so when you find the best mortgage for you, you can calculate the costs and even apply all via the same page!
Happy home loan hunting!