Mortgage calculators have been around for many years. Most of these online calculators were designed to help people get a quick estimate of the loan amount and monthly income. So that you can purchase a home based on specific figures and assumptions. Mortgage calculators generally come in two types: choosing a loan package and estimating your mortgage payment.
When you should use Mortgage Calculators
Mortgages Calculators can be used for individuals planning to buy their own house. It is for real estate professionals seeking assistance to determine if there is any chance of closing such a deal with the clients.
The use of these calculators has been on the rise when customers want answers to the most affordable monthly payment for a loan. They are curious about how much they may be able to borrow.
Benefits of using a Mortgage Calculator
Mortgage calculators are a must-have if you want to know what kind of mortgage would be best. First, they allow you to play around with different input variables. You will see how they affect your monthly payment, total interest paid, and the remaining balance. All this is important if you want to know if you can afford a certain mortgage or if you’ll pay as little interest as possible.
Types of Mortgage Calculators and Benefits
Home Loan Offset Calculator
The home loan offset calculator is beneficial because it will help you determine whether you receive the best benefits from your current homeowner’s loan. First-time home-buyers are generally introduced to the primary use of the home loan offset services. At present, this is an excellent option to have.
Borrowing Power Calculator
Your borrowing power represents your capability to borrow funds based on your financial position. If you are unsure about your borrowing capacity, our borrowing power calculator will help you estimate the same.
Loan Repayment Calculator
Loan Repayment Calculator gives you an in-depth overview of all the payment options, interests charged, and the amount to be repaid. This can be used as a guide to simplify your loan decisions as you get to know your repayments. You can then have a realistic idea of what you can or cannot afford.
Lump-Sum Repayment Calculator
It will help you determine the repayment amount, time, and interest you save after making a lump sum repayment on your loan. If you have some extra cash to spare, maybe from a work bonus or a gift, you can consider making a lump sum payment towards your home loan.
Extra Repayment Calculator
Regularly making extra repayments above your minimum repayment amount can significantly affect how you repay the rest of your loan. Use an extra repayment calculator to determine the interest and time you can save on your home loan by making such additional repayments.
Loan Comparison Calculator
A home loan comparison calculator is a tool that helps you decide on the best loan. You can enter all the details in the calculator and determine how much money you need to make for a dream home.
How Long to Repay Calculator
The How Long to Repay calculator will help you determine how long it will take to repay your loan. You need to enter your home loan amount and your repayment frequency to estimate the duration of the loan.
Split Loan Calculator
Splitting your home loan into fixed and variable rate components can help you enjoy the advantage of security and flexibility. It enables you to figure out how much time it will take to pay off your loan and monthly repayments.
Property Selling Cost Calculator
A Property Selling Cost calculator allows you to estimate the costs involved in selling your home to ensure the entire process runs smoothly. You need to simply enter sale price, real estate agent fees, conveyance fees, cost of repairs, and more to help you determine which areas you can save.
Property Buying Cost Calculator
The Property Buying Cost calculator helps you determine the total cost of buying a home and getting a home loan. It tells you all the upfront and ongoing expenses related to the process.
A Savings Calculator will help you get some answers on how much you can save in the long run. It will help you know how much a savings account can benefit you.
Term Deposit Calculator
A term deposit is an investment made with an assured interest rate for a specific time. It proves helpful if you save up for a significant purchase like a home, car, etc. It helps curb frequent withdrawals.
Stamp Duty Calculator
The Stamp Duty Calculator is a tool that lets you know how much you will have to pay in stamp duty. This will help you put less pressure on your budget and save up on your budget.
Credit Card Calculator
The Credit Card Calculator will then give you the period in which you will need to repay your credit card balance and the amount of interest you will end up paying. You need to put in your credit card details with the minimum repayment amount and what you could afford to repay at a higher amount.
Income Tax Calculator
An income tax calculator will help you determine the amount of tax you pay and your marginal tax rate simultaneously to help you assess your financial goals.