What everyone must know about Mortgage Calculators

Mortgage Calculators Australia

Loan repayment is a dream draw for many people. Getting a loan is difficult, but repaying it can be even more challenging.

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.

Mortgage Calculator

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.

Saving Calculator

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.

It is essential to pay back as soon as possible to save on interest charges. So, here we have several simple tips and tricks that can help you pay off your loan faster.

Check your Loan Score

The excellent time to apply for a loan is when your credit score is at its most optimal condition. However, you do not need to wait till your bad credit. But, yes, it will help you to pay your loan repayment.

Choose the Right Loan

You should select a loan product as per your circumstances. Always consider the features that are vital to you. Such as, you may prefer an offset account to a redraw facility.

If you commit to a long-term fixed-rate loan can hamper your ability to pay down the loan faster. If you try to repay loans more quickly than anticipated, you can add break fees and exit costs. Opting for a variable rate loan so you can make extra repayments might be your best bet.

Loan Repayment

Avoid Interest Only Repayments

Many loan lenders allow you to pay the interest on the loan. This leads to lower monthly loan repayments, but there’s a catch. If you only pay the interest, your loan principal will be as it is.

It’s the principle that you need to repay if you’re getting your loan cleared. So, make sure you choose a principal and interest loan. It will allow you to start repaying the principal straight away.

Assume your Loan has a Higher Interest Rate

If your loan has an interest rate of 4% and you make the standard repayments. Probably you need to pay the loan for between 20 and 30 years.

Instead of this, if you act as if you have a loan rate of 5% or 6%. It will decrease the loan principal. As a result, you can pay the loan quickly, plus you won’t be in for a shock if the variable rate moves up.

Consider a 100% Offset Account

You can decrease the interest payable against your principal with an offset account. If you manage your finances accurately, you can ensure your withdrawals don’t exceed the amount you pay towards your loan repayment. In essence, you make extra repayments whenever you earn income. This technique enables you to make massive savings.

Change Your Lender

By switching lenders, so you can access lower interest rates. You can speak to a loan consultant to find out if any lenders are available that can save you money.

Moreover, if you need to pay any fees to get out of your current mortgage if all the numbers add up, we suggest you should make a switch between landers. In this way, you can pay your principal faster with the money you save on interest payments if you do.

Change your lender - Apt Mortgages

Conclusion

Ultimately, when you are ready to take out a loan, you must ensure that you have done everything possible to avoid unnecessary complications and costs. The suggestions in this article should help you get rid of your loan burden quickly.

Apt Mortgages

Apt Mortgages is a fully prepared mortgage broker. Our services include One-off purchase loans, Refinance, Property investment loans, Construction loans, business loans, and bridging loans. We help you find the right loan that suits your needs and requirements.

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