Mortgage calculators can be a useful tool for anyone who is considering buying a home or refinancing an existing mortgage. They allow you to estimate your monthly mortgage repayments based on the loan amount, interest rate, and loan term.
There are many different mortgage calculators available, but they all typically require the same information. You will need to input the loan amount you are considering, the interest rate you expect to pay, and the length of the loan term.
Once you have entered this information, the calculator will give you an estimate of your monthly mortgage repayment, as well as the total amount of interest you will pay over the life of the loan. Some calculators may also show you if you pay X amount extra into the loan how early you will pay back the loan and the total interest saving because of it. It may also look at the differences of paying weekly, fortnightly and monthly.
There are other mortgage calculators available as well – the most common being the borrowing capacity calculator, can help you determine how much you can afford to borrow. This is known as your borrowing capacity. While these calculators are available on our website to get an accurate figure of your borrowing capacity it is best to have an appointment with one of our brokers as the calculator will only use the information you input, and you may not be aware what the correct way to calculate certain amounts is (for example base salary).
If you’re interested in using a mortgage repayment calculator or the borrowing capacity calculator, you can head to pinnacle-brokers.com.au and our calculators page there will help.