Home Loan Calculator
If you are going through the process of buying a home, then it is important to take the time to analyse the various home loan options that are available to you.
After all, a home loan is usually taken for period of decades. In order to save as much money as possible over the course of your mortgage repayment term, you need to ensure that you have a low interest rate and the most favourable loan terms, including fees and charges, to suit your personal situation.
Knowing what lender and which type of loan are right for you is not always easy, especially if this is your first time saying: “Find me a home loan”.
The challenge is not so much a question of: ‘How do you get a home loan?’ but more so ‘How do I get a home loan that is great value for money’.
The answer is simple. Try a free home loan calculator.
Use a Home Loan Calculator
Many people are not aware that a housing loan calculator even exists, but this smart bit of online wizardry can help you save tens of thousands of dollars off the overall cost of a home loan.
A home loan calculator allows you to enter in different loan terms as a way of figuring out which option will suit your unique circumstances.
For example, you may be asked to enter the amount of your deposit, the price of the house, the interest rate on the prospective loan, and the length of the repayment term.
From there, an algorithm built into the calculator will crunch the numbers and instantly provide you with various scenarios and information regarding your subsequent monthly payments on the loan and how much you could expect to pay in interest over the entire term of the loan.
The advice the calculator provides is general in nature and is designed to give you an indication of what you can expect to pay. You should get proper financial advice before you make a decision.
How to save a loan using a calculator
Using a house loan calculator is easy. You can start by putting in the amount
you intend to borrow and the interest rate. Now change your repayments from monthly to weekly and you can already see that you start saving money.
The calculator loan terms can be changed to suit your general situation. Just say you wanted to reduce the loan period from 30 years to 25 years. Your repayments might go up but the calculator shows home much money you would save.
Some home loan calculators also have offset calculators built in, which show you how much you can save on house loan interest if you put your savings in the offset account.
So if you are looking to make the smartest decision in terms of your home mortgage, be sure to try out a free home loan calculator online to make the process easier and less time consuming for you.
See how you can save money today by trying out our loan calculator.
This information is general information only and does not take into account your individual objectives, financial situation or needs.