Benefits of our Mortgage Calculators
Understand the types of loansWith a range of variable financing options, you can choose what suits you best.
Quick, easy & accurateOur user-friendly loan repayment calculator is designed to make your journey stress-free.
Achieve your dream homeWhether you’re buying a house for the first time or purchasing a second home or investment property, we have options for you!
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From budget planning to stamp duty, Mortgage House has the online calculator for you. We believe in arming our customers with as much information as possible, and we back it up with our experience and award-winning proprietary knowledge.
As one of Australia’s most awarded non-bank lenders, we offer a huge range of loan and mortgage finance options. With our customers at the forefront, we are focused on providing you with all the tools needed for the best home loan rate and best mortgage calculator, Australia wide.
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Things you Should Know
How to calculate mortgage repayments
At Mortgage House we understand the importance of providing the best information possible to help you find a suitable mortgage for you and your family. Having the right resources at your fingertips can save you money and make finding home loans easier.
A mortgage repayment calculator is just one of the tools that can make a big difference. By using an Australian mortgage repayment calculator, you can get a clear indication of how much your repayments may be over the life of the loan. As a starting point, enter the interest rate of one of Mortgage House’s suitable home loans. Slide the measure across to choose the loan period, and choose between an interest-only or a principal-and-interest mortgage. The final step is to ask ‘how much can I borrow’, and enter the figure, remembering most banks and lenders will let you borrow only up to 95 per cent of the value of the home. Our loan repayment calculator will then provide you with weekly, fortnightly and monthly repayment amounts, but keep in mind they are an indication only. It is always a good idea to speak with our expert advisors before making your mortgage choice.
What is my monthly payment mortgage calculator?
It’s always important when using any finance calculators such as a home loan calculator, to ensure the information you enter is as correct as possible. While they may only be a guide, calculators are still a good indication of the final mortgage repayment numbers. Most home loans give you the option of choosing weekly, fortnightly and monthly repayments, and a mortgage repayment calculator will also give you those options. There can be a slight difference in repayment amounts for each time period, and most banks and lenders will give you a choice.
Your repayment schedule is something worth giving some thought to before choosing a mortgage. It can be a good idea to schedule your mortgage repayments on alternate days or weeks to other direct debits, like insurance or credit card payments. This can make budgeting easier. How much your repayments will be can depend on what type of loan you choose, the interest rate, the loan amount and the loan period. Our mortgage repayment calculator can give you a good indication of what your repayments will be when you enter all that information into it. It will also give you an indication of how much interest you will pay over the life of your loan, and when you will pay it. If you think monthly repayments are the best option for you, ensure you click the monthly button on our loan calculator.
How are principal and interest mortgages calculated?
Finding a suitable home loan can take a lot of time and research. Once you‘ve found a mortgage you’re happy with and your loan is approved, your home loan repayments will be pre-determined for up to the next 30 years. While you may upgrade your home or refinance along the way, having an understanding of how your repayments are calculated is important. While investors regularly take up interest-only home loans, the repayments of most owner-occupier loans are made up of both principal and interest amounts. The principal is the amount you want to borrow. Interest is the amount the bank will charge you to service your loan over the loan period. How much interest you are charged depends on a range of factors, including which mortgage you choose, the loan period, how much you borrow and whether or not you take up the offset account feature of the home loan.
Most Mortgage House home loans include the offset account feature, which lets you offset your loan against a non-interest-bearing bank account. Simply, the home loan interest is calculated on the difference between the two accounts, rather than just the mortgage amount. The interest on your home loan is calculated daily, based on the outstanding amount at the time, but is charged to your account only once a month. Our loan repayment calculator can give you a clear indication of what the principal and interest payments may be on your chosen mortgage. Mortgage House’s home loan calculator will display a graph of how much interest you will pay over the life of the loan, as well as how much of your repayments will be made up of both principal and interest. The early repayments of most Australian home loans will comprise mostly of interest, a percentage that will diminish over the life of the loan.
How to calculate what mortgage you can afford?
Another important Mortgage House loan calculator can help you plan for your dream home before you apply for a loan. Our borrowing power calculator can give an indication of how much a bank or lender is likely to lend you. Choose a loan you think is suitable and enter the interest rate and loan period into the loan calculator. From there, enter your income and expense details as best you can, and you will be able to answer the question: ‘How much can I borrow?’. While borrowing calculators are only a guide, they can be an important first step in your property search. By giving you an idea of how much you may be approved for, you can narrow down the properties on your wish list based on price. Importantly, if the amount of the estimation falls short, Mortgage House can still help. Contact our expert lenders to ask how.
Before you use a borrowing or repayment calculator, you can use our budget planning calculator to get a clearer picture of how much you may be able to afford. The budgeting calculator acts as a finance calculator, collating all your expenses and income into one easy formula. It gives you a surplus figure you can use as a starting point to work out how much money you may have left at the end of the month to use as mortgage repayments. The budget calculator also makes it easy to see exactly where you spend what each week and month, highlighting areas where you may be able to save money.
How can I pay off my mortgage early?
There are a number of strategies to put in place that can help you pay off your mortgage early, and all Mortgage House home loans have features that can help. One of our popular home loan calculators is our budgeting calculator, which can help you get your finances back on track and give you a clearer picture of where you can save money. Other ways to pay off your mortgage early and gain financial freedom include:
- Look for a loan with an offset account. Some Mortgage House home loans include an offset feature, which can save you substantial interest. Those savings can help you reduce the balance of your loan before interest is calculated.
- Make more frequent payments. Moving your repayments to weekly or fortnightly can help reduce your principal loan amount sooner. Use our mortgage repayment calculator to see the difference.
- Stick to a budget. Work out what you can afford and make some sacrifices to start saving. Try our online budget finance calculator to see where you can make some savings.
- Avoid taking on more debt. Get your credit cards under control, avoid long phone contracts and don’t take on personal loans.
- Make extra repayments. A large range of Mortgage House home loans allow you to make extra repayments without attracting a financial penalty. Use our home loan calculator to see what difference that can make.
- Try not to redraw. A redraw feature can be worthwhile as it gives you access to your extra repayments when you need them. However, try not to redraw too often.
- Refinance when you need to. Refinancing your mortgage can save you a lot of money, especially if interest rates have dropped since you first took out your home loan, and there are better deals on the market.
How to calculate mortgage insurance payment?
Most Australian banks and lenders require you to have a deposit of at least 20% of the property purchase price before they give you a home loan. If you don’t, you may have to pay Lenders Mortgage Insurance. LMI protects the lender in case you default and can’t meet your repayments. How much LMI you pay can depend on the size of your deposit and the price of the property you’re looking to buy. You can pay it upfront as a one-off payment or add it to your home loan. If you choose the latter, you should add that amount to your home loan calculator figure.
How do you calculate monthly repayments?
Our home loan repayment calculator provides clear information regarding your potential mortgage. The calculator is user-friendly, offering a tailored Mortgage House service as an alternative to the uncomfortable appointments often experienced with the big banks and other lenders.
With the Mortgage House Borrowing Calculator, you can personalise the terms, rates and conditions and get an accurate picture of your overall financial commitment. You can compare dozens of loans, Australia wide and products offered by Mortgage House. Our mortgage borrowing calculator inputs include:
- Interest Rate
- Loan Period
- Income (you and your partner)
- Personal Expenses
- Other Expenses
- Credit Card/Loan Repayments
This powerful tool places control back in the hands of the borrower, allowing a productive follow-up with a Mortgage House lending manager.
What salary do you need to buy a 1 million house?
The answer is not so simple! A mortgage is a long-term commitment that needs to be as stress-free as possible. We understand everyone experiences ups and downs and keeping some money in reserve for overcoming unforeseen difficulties is important. If your financial position is strong, it’s a good idea to make your money work for you by paying off the mortgage sooner and saving thousands on interest repayments.
Loan repayment schedules include weekly, fortnightly and monthly options, and close inspection of repayments will uncover savings worth considering. For example, if you pay monthly, you will make 12 mortgage repayments per year, whereas by paying fortnightly you will make 13 mortgage repayments per year.
The Mortgage House Borrowing Calculator provides valuable overall guidance, allowing you to determine a ‘ball-park’ mortgage borrowing amount prior to further discussions with your lender or broker. Experiment with the online calculator, toggle between loan styles and schedules, and experience why Mortgage House is a multi-award-winning lender known for providing the best home loan rates and home loan comparison rate available.
How can I pay off my mortgage in 10 years?
At Mortgage House, we understand things change and a mortgage that lasts for decades needs to be adaptable and evolve with household and lifestyle changes. We are proud to be one of Australia’s most successful lenders with customer satisfaction levels and some of the best home loan rates that are the envy of our competitors. It’s not so difficult really: we simply listen to our customers and couple the above home loan products with specifics that include:
- Fixed Rate Loan: A fixed rate loan is ideal when you require certainty regarding regular mortgage
- Variable Rate Loan: Variable rate loans usually allow borrowers to make additional lump sum repayments without incurring a fee.
- Toggle Offset Loan: Half fixed and half variable rates so you can toggle between the two to optimise interest and savings.
- Portable Loans: Moving to a new address would be easy if you could take your existing loan with you, and Mortgage House makes it happen.
- Split Home Loan: You get to choose the fixed and variable percentages of your mortgage, allowing split home loan savings to work for you and your financing.
- Interest Only Loan: This very useful temporary measure allows you to minimise repayments while your asset increases in value.
- Line of Credit: Similar in function to a credit card, your line of credit allows you to borrow and repay a specified amount repeatedly, without the need for a new contract.
- Low Doc Loan: A lack of documentation shouldn’t affect your solid work history, and Mortgage House will work with you to find a suitable home loan product.
- Bridging Loan: Timing is important in buying a house, so Mortgage House offers competitive bridging loans to tide you over during time-consuming transitions.
How does a mortgage repayment calculator work?
The Australian mortgage and lending industry is highly competitive, and customers are drawn-in by offers and incentives that aim to clinch the deal. However, deeper investigation is required to ensure you don’t sacrifice long-term savings for short-term profit. Our mortgage calculator, on the other hand, offers a clear guideline regarding your borrowing power and loan potential.
Although only a guide, the mortgage repayment calculator and our other online calculators are an extremely useful backup for times when you want to evaluate your loan’s performance, tweak the details or change to an entirely different mortgage product. At Mortgage House, we provide all the options you expect from a personalised service, while also providing valuable first-hand mortgage broker assistance whenever you are ready to discuss your plans and objectives in buying a house or investment property.
It’s also worth understanding that a mortgage calculator doesn’t take all fees, charges and penalties into consideration. An accurate and honest appraisal of your own financial situation is essential, including your savings, debts and assets.
What results do I get from a mortgage repayment calculator?
The results you get from the mortgage calculator and loan repayment calculator are extremely useful, and when combined with information gleaned from our other calculators, you will be armed with almost everything you need for a successful Mortgage House loan application, starting your journey to buy a house.
Is mortgage interest calculated daily or monthly?
The answer is either! The mortgage repayment calculator is simple to use. Enter your desired loan amount, loan period, interest rate and loan type, along with your preference regarding introductory rates. Once you input your details, results will display your regular repayments and total amount payable, with the addition of an easily understandable graph to put you fully in the picture.
What is the formula to calculate a mortgage?
There really is no formula to calculate a mortgage as everyone is different! Your home loan when buying a house or an investment property may be the biggest investment you ever make! Ensuring you get it right the first time can make the difference between financial success or disaster. Our Mortgage House representatives and mortgage brokers remain approachable and accessible, providing convenient opportunities for you to discuss your objectives and plan your financing for a satisfying future.
We back our products and services by continually developing and refining meticulously since Mortgage House was established in 1986. Our success is a reflection of our customer satisfaction. Widely recognised, Mortgage House’s reputation for best home loan rates and home loan comparison rate, Australia wide is proof that our efforts are paying dividends, with our customers being the big winners.
Thanks to our streamlined business methods and established partnerships with major financial partners, our rates are the most competitive in the industry. Mortgage House was established as a genuine alternative to impersonal banks and lenders that sign you up and say goodbye without another word. Mortgage House does the opposite by always remaining open and alert for opportunities that will save you money for the entire duration of your loan.
If you are considering buying a house or investment property or require any other type of loan to complete your project, look no further than Mortgage House for home loan products, home loan repayment calculator and mortgage brokers. Get your project started today!