The Basic Mortgage Repayment Calculator is a great tool which will assist you in determining what your weekly, fortnightly or monthly repayments will be according to the loan amount chosen. The Mortgage Repayment Calculator will also show you your total Principal and Interest Payments according to the period chosen.
How Mortgage Repayment Calculator works?
To use Mortgage Repayment Calculator you need to input the following:
- Your Initial Home Loan Amount
- The Indicative interest rate of your Home Loan
- The period (in years), and finally
- your regular contribution frequency (weekly, fortnightly or monthly)
Note: That the results are as accurate as the information inputted!
There are also a number of Assumptions that need to be taken into consideration:
Interest Rate Assumption
The Home Loan Calculator assumes that the Interest rate does not vary during the period of the Home Loan. In accordance if your Home Loan is based on a Variable Rate, then this would mean that as market conditions change, then so does your interest rate, and the amount of your regular payment.
The Mortgage Calculator assumes that the year comprises of 364 days and not 365 days and further does not take into account leap years within the Home Loan period. Further it is assumed that all months are equal and do not vary. This would affect the interest charged on the Home Loan, and vary the end result.
Regular Contribution Assumption
The Mortgage Repayment Calculator provides results on regular monthly, fortnightly or weekly payments. It takes into account week or fortnightly payments. This would mean that there would be a slight variation to the end result as interest is calculated daily.
Disclaimer: The results obtained from this Mortgage Repayment Calculator are indicative only and it is advised that you seek professional advice before considering your next Home Loan structure. Read full disclaimer.