Home Loan Repayment Calculator
Home Loan Mortgage Repayment & Borrowing Power Calculator For Australia
List Of Contents At Uno's Site
- How do loan repayments work?
- How do lenders calculate my repayments?
- How much interest will I pay over the duration of my loan?
- Why would I pay off my home loan over 30 years if it’s going to cost me more?
- How often should I make repayments?
- What happens if I make extra repayments on my loan?
- How can I reduce the amount of interest I pay?
- What type of loan should I opt for?
- What features come with my home loan?
What are Mortgage Repayment Calculators
Properties often cost too much to be bought outright and that’s why many people get mortgages and home loans to help spread the cost. These types of loans allow the buyer to pay back the full amount for the property in smaller increments and at regular times, making it easier for them to own their dream home.
But it’s very important that a borrower knows how much they will need to pay back, because if it’s too much for them to afford, they could have their home repossessed down the line. There is an easy mortgage repayment calculator available to help from Uno Home Loans - and this online tools can help a potential borrower to get a rough idea of the amount that they will be required to pay when they sign up to a particular home loan.
What are mortgage home loan calculators and what do they do?
These calculation tools use information about the loan to show you an estimate of the money that you may need to pay monthly. They are often accurate, but that doesn’t mean that they always get the exact amount.
They need to know the loan’s amount, the current interest rate, the loan’s duration, its type and also the how often you will be hoping to repay the lender (this is often monthly, but some mortgages can also offer weekly and fortnightly plans). With this, they can calculate how much money you will need to pay at the right times.
This can be very handy, as you can see whether or not you can afford the amount that you will need to pay - and if you can’t, you should be able to make adjustments to find a more suitable arrangement.
Getting the right deal for you with a mortgage calculator
In some cases you can even get a better deal from the lender in question - or even find another lender that will offer you a better deal than the original one of interest. There are many banks and lenders out there who are willing to offer home loans, so if you can’t find a good deal at first; keep on looking until you find one that suits you.
If you can’t seem to get a low enough price no matter how hard to try, you may need to find another property that is cheaper.
It’s better to find a cheaper property and pay back affordable monthly amounts than struggle to pay regularly and fall behind on your repayments. Property repossessions can and do happen, so calculating the right information before you apply can save you hassle in the long run.
Using a mortgage calculator
There are many of these tools available on the internet and they can save you the trouble of having to pay more than you can afford, well into the future. There are many that are completely free to use - and they don’t take a lot of time to give you an idea of how much money you’ll be expected to pay back.
Table Of Contents: Calculating Monthly Repayments
- What’s the difference between a redraw facility and an offset account?
- Can I still take a holiday while paying off a mortgage?
- What other features should I look for in a loan?
- What else can I do to save money?
- Should I be thinking about the future when i budget for repayments?
- Consolidating your debt
- What can i do if i’m self-employed?
- What if i have two or more properties?
- Repayment holidays
- What to do next
- uno’s repayment hacks
Calculating Monthly Repayments : How to Pay Off Your Mortgage Early
The average mortgage in Australia typically takes between 25 and 30 years to pay off in full – and this is a fact that the majority of borrowers will have to come to terms with when applying for a home loan. Although most lenders will offer lesser agreements; the reality is that a large percentage of mortgages will require almost three decades of repayments and this can result in interest rates paid costing an absurd amount of money. As a result, plenty of people are keen to learn how to pay their mortgages off early, so here’s a quick look at a few of the best ways to do exactly that.
How to pay off your mortgage early
The first thing to consider is that banks and lenders rely on the interest that you provide whenever you make a repayment to ensure that they receive a profit on the amount that they loaned to you. This is why many financial institutes will try to charge you left, right and centre if you attempt to minimise the duration of your loan.
But there is a trick - and it involves borrowing less in the first place. If you imagine that your home will cost roughly $300,000 and you have $30,000 to use as a 10% deposit, then you’ll actually be borrowing $290,000. That’s $290,000 including interest; which will likely result in you paying back thousands more than you’ve actually received.
What’s the answer?
By putting a bit more toward your deposit you could borrow less, minimise your interest and then pay back what you owe for a smaller period of time. But not everyone will be in the position to pay more for a deposit. In fact, just a few extra thousand dollars can be a real stretch to many people. This is where another possibility can come into the fray – and this is known as re-mortgaging.
What is re-mortgaging?
In the simplest terms it’s the act of searching for a more convenient (and often more affordable) mortgage if you’ve already been paying your loan off for at least a couple of years. If you manage to find a cheaper repayment plan, even if it’s with another lender, you could end up owing less whilst maintaining what you’ve been paying, allowing you to reduce what you owe more rapidly.
Are there any other solutions?
You could always consider debt consolidation, especially if you have a range of loans and want to roll them into one lump sum. That way you could pay off what you owe, but with a single rate of interest; potentially allowing you to contribute more to your monthly repayments than you would have been able to when paying your debts off individually.
In fact there are several more ways to pay off your loan early; plenty of which don’t include any fees. You could make an extra quarterly payment without fee, you could ask your bank about their prepayment penalties to see if there’s a way to avoid them, or you could hire a mortgage broker or financial advisor for a little extra support and guidance on clearing your mortgage early.
Find Uno's Mortgage Repayment Calculator here below:
Types Of Calculators That Can Help You Determine Borrowing:
- mortgage calculator
- home loan calculator
- how much can I borrow
- how much can i borrow home loan
- mortgage repayment calculator
- mortgage calculator australia
- home loan borrowing calculator
- borrowing power calculator