Also called a "mortgage calculator", a home loan calculator can help you to:
- Find a low rate: Work out the lowest interest rates you can afford, and how much you could save compared to a higher rate loan.
- Find out how much you can borrow: Use your income and saved deposit to work out how much you can afford to borrow and comfortably repay.
- Find out how much you’ll pay in interest: Break down the total cost of your loan, and see how much total interest you’ll pay when you buy a property.
Keep in mind that a mortgage calculator does not take every aspect of your personal situation into account, and is not a substitute for professional financial advice.