Loan Repayment Calculator
Buying your first home is an exciting time – but it can also be complicated – my job is to make it easy for you.
A Loan Repayment Calculator is a valuable tool that can provide an estimate of your monthly home loan repayments based on the loan amount, interest rate, and loan term. By inputting various loan scenarios, you can get a clearer picture of potential monthly expenses and the total cost of your loan.
Instructions
Input Basic Loan Information
Loan Amount: Enter the principal amount you intend to borrow.
Interest Rate: Input the annual interest rate provided by your broker or the current market rate.
Loan Term: Specify the duration of your loan in years, typically 15, 20, or 30 years.
Repayment Frequency: Choose between weekly, fortnightly or monthly repayments.
Loan Fees: If you are aware of any loan product fees you can enter them here, otherwise leave as $0.
Review Results
The calculator will provide an estimated monthly repayment amount based on the information provided.
Examine the estimated monthly repayment to understand your potential monthly mortgage commitment.
Modify the loan amount, term, interest rate, or repayment schedule to see how different scenarios affect your monthly repayment.