Use our home loan calculator to remove the guesswork with your loan repayments
How do I calculate my home loan repayments?
Lenders calculate your home loan repayment by using a formula that includes the following;
- The principal amount or the original amount you still owe
- Your annual interest rate
- The loan term or the number of years you want to pay off your loan
- Any ongoing fees
You can simply use the home loan repayment calculator to save yourself a lot of guesswork and headaches.
Why should you use a loan repayment calculator?
If this is your first time applying for a loan, it is important to find out if you can afford the new loan before you commit to it. This is a good starting point when you are trying to work out which loan will best suit your financial situation.
If you currently have a home loan, you can use the home loan repayment calculator to figure out what your new monthly repayments would look like if you refinanced to a longer or shorter loan term.
Other benefits in using the calculator can includes;
- A quick repayment comparison between your existing lender and potential new lender
- You will be to keep track of the required home loan repayments if the interest rate increase or decrease
How to use the home loan repayment calculator?
Using the home loan repayment calculator is simple. All you need is to complete the required fields and hit calculate to work out your monthly repayments, total interest on the loan and the total amount you would be required to pay over the term of the loan.
- Loan amount
The loan amount refers to the amount of money you have borrowed or the outstanding loan balance
- Interest rate
The interest rate which can be either fixed or variable is the interest rate at which you repay the loan
- Loan Terms
This is referring to the amount of time you have to repay the loan with usual loan term ranging from 25 to 30 years
- Repayment frequency
Refers to how often you will be making your repayments and is typically either monthly, fortnightly or weekly.
- Loan Fee
This accounts for any annual or monthly ongoing fees that comes with the loan
Our home loan repayment calculator can help you calculate the required repayments for different home loan amounts, helping you find the right home that is based on your affordability and suitable minimum monthly repayments.