How can mortgage calculators help me find a suitable home loan?
At Mortgage House we are focused on finding you a suitable home loan and helping you save. One way we do this is by arming you with all the information and resources we can, to try to make everything simpler. Mortgage calculators are just one of the tools that can make a big difference. With the right information, they can act as a clear guide, steering you towards the decisions that can make your property dreams come true. Mortgage calculators can help you select from a specific range of mortgages, work out how much you might be able to borrow, and help you narrow down the property field.
What are the different kinds of mortgage calculators?
- Mortgage Borrowing Calculator: Discover your borrowing power and help narrow down your property search.
- Mortgage Repayment Calculator: Find out how much your repayments will be, and how much interest you will pay over the life of the loan.
- Switching Mortgage Calculator: Thinking of refinancing or switching mortgages? Find out how much you can save.
- Budget Planner Calculator: Get your finances back on track to save for a deposit by breaking down your income and expenses in an easy-to-manage format.
- Best Rate Mortgage Calculator: Once you know what kind of loan you’re after, list them all by interest rate and comparison rate.
- Stamp Duty Calculator: Easily understand all the different variables that go into calculating stamp duty, and find out how much you will pay.
How much will my repayments be?
How much your repayments will be depends 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.
How much of my mortgage repayments will be made up of interest?
Our mortgage repayment calculator will show you when you pay interest, and how much you pay if you make the minimum regular repayments. The repayments you make early in the life of your loan will be made up of more interest than the repayments you make towards the end or your loan life, if you choose a principal and interest loan. If you choose a variable rate loan, the interest rate, and the repayments, can vary over the life of the loan.
Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House’s prevailing credit criteria apply. Please note that your actual fortnightly repayment would be equal to the monthly repayment amount divided by two. Weekly repayments would equal the monthly repayment amount divided by four. If you choose to pay fortnightly or weekly, your actual repayments will be higher than repayments shown on this page. You can reduce the term of your loan if you choose to make repayments fortnightly or weekly. We recommend you seek independent legal and financial advice before proceeding with any loan.
How do interest-only loans work?
Interest-only loans are exactly that. Some Mortgage House loans allow you to pay back only the interest amount of your loan, not the principal part of the loan amount. Interest-only home loans are a great way to get into the property market, especially as an investor. They can also be beneficial if you need cash flow for your investment, or are interested in buying shares. As our mortgage repayment calculator will show you, interest-only mortgages usually have lower repayments, and are generally only available for up to 5 years. After that period they can revert to a standard variable interest rate home loan. Use our Best Rate Mortgage Calculator to see what interest-only loans may be suitable for you.
If you need to temporarily free up cash flow for, say, setting up your home, renovations or to pay for moving costs.
If you're looking to get into real estate investment then an interest-only loan can help you do so on a modest budget.
Once the interest-only period of your home loan expires, there can be a substantial increase in the repayment amounts.
None of your repayments are being applied to the home loan principal, which will leave you with very little home equity.
How can I pay my loan off sooner?
Some mortgages will penalise you for making extra repayments, by charging you fees. At Mortgage House, we provide a large range of home loan options that won’t penalise you. We know the flexibility to make extra repayments or lump sum payments is something you want in a home loan, and that’s why we provide many options. Paying off your loan sooner means you will pay less interest. But what if you want the benefits and the flexibility of making extra repayments but are unsure whether you will have enough room in your budget? That is where another popular Mortgage House home loan feature comes into play. Some of our home loans allow you to draw down on your extra repayments and lump sum payments when you need them. As long as your minimum repayments are up to date, you can withdraw the extra repayments for whatever reason you want to. That can give you the best of both worlds. If you make the extra repayments, you can save on interest. If you need some or all of the money later, then simply withdraw it. Adjust the repayment amount on our Mortgage Repayment Calculator to see how much less interest you pay, and how sooner you will pay off your home loan.
What our Customer's Say“Saved money with MH”
I was very happy with Brij and Mortgage House during my home refinancing. He quickly answered my questions and provided updates. MH’s rate was 0.53% lower than my bank’s. It was smooth going except for my old bank’s lack of customer service. Do your refinancing sums first – the combined exit/setup fees ate up my first yr’s savings (as my loan was not big). I am still glad I refinanced. The MH disbursement list (ask for it at the end) showed the NSW govt mortgage discharge and (re-)register fees; I suspect my old bank whacked me for the same govt mortgage discharge fee (they did not give me a breakup of their exit fee). I would recommend Brij at MH.Greg
Are there any other ways to save interest?
Having access to an Offset Facility is another way to save interest on your home loan. An Offset Facility, or an offset account, is a non-interest-bearing bank account you can use as a way to offset the interest on your mortgage account. Interest is calculated on the difference between the two accounts, rather than just the mortgage account. For example, if you have a mortgage of $500,000 and an offset account with $50,000 in it, then interest will be calculated on $450,000. That can make a significant difference to the amount you pay in interest, both immediately and over the life of your loan. At Mortgage House we understand the importance of this feature, and that’s why we have such a large range of both fixed and variable interest rate loans that include the option of using an offset account.