When people are searching for "mortgage calculator" they are looking for answers. What are the questions the typical borrower has?
- What Will My Payments Be?
- How Much Can I Afford?
- How Long To Pay The Loan Down?
Most mortgage calculators make the answering your question needlessly complex. They ask for information that helps them and not you. That's why we created this easy to use and mobile friendly Mortgage Repayment Calculator! Enter the interest rate and answer two of those questions and you'll find the answer to the third one.
How to use this Mortgage Calculator
Use sliders to select your home loan interest rates, how much you are borrowing or what monthly/biweekly payments you can afford and repayment time in years.
If interest rates are not round number, or you want to borrow more than the range of the slider, please use text boxes above the sliders to enter desirable amount.
Mobile phone users that are suffering "Fat Finger Disease" - use the text boxes as well. :)
HOW LONG TO PAY IT DOWN?
HOW MUCH CAN I AFFORD?
WHAT WILL MY PAYMENTS BE?
HOW MUCH DO I END UP PAYING?
HOW MUCH WILL I OWE IN THE FUTURE?
Please share this mortgage calculator:
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 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.