Are you in the market for a home loan and keen to find out how much you can afford to borrow? Or are you considering refinancing your loan?
By using RateCity’s mortgage repayment calculator you’ll be able to determine the financial commitment of borrowing – or the potential savings to be found by refinancing – with just a few clicks of the mouse!
The mortgage repayment calculator is a simple to use tool – all you have to do is click on the amount you wish to borrow and the length of time you want to repay the money. Our home loan calculator helps you estimate your home loan repayments. You can also calculate the interest you might save and the time you can shave off your loan by making additional repayments.
You can even go a few steps further using the mortgage repayments calculator and tailor a quote to your needs or to a specific home loan. For example, you can adjust the interest rate – cut the rate and watch your repayments shrink! You can also adjust the frequency of repayments – do you prefer to pay monthly or are weekly repayments more convenient for your circumstances? The choice is up to you!
How to save money!
Taking on a home loan is one of the biggest financial commitments of our lives so advice about how to reduce the burden and potentially save tens of thousands of dollars will likely be welcomed! By using the mortgage repayment calculator you may be able to find ways to save heaps of money and even shave years of your home loan.
One of the easiest ways to do so is by increasing the amount of money you repay each month to your home loan. Sounds really obvious, right? For instance, take a $300,000 home loan and paying a rate of 7 percent interest over 25 years. You’ll probably be looking at paying about $2100 per month to service the loan. By adding just $100 per month – or just over $3 per day – you could save over $43,000 over the life of the loan! By doing so, you could be mortgage-free around 3 years sooner!
Clearly it’s worth taking the time to sit down and use a home loan calculator, because the savings could be significant!