Budget Planner Calculator
The Mortgage House budget planner can help you get on track to save for a deposit, budget for repayments, find extra funds or simply keep your spendings in check. Find places where you can save in your budget, broken out by week or month. Budgets, and budget planning is one of the best tools to help you achieve your home buying aspirations.
To use the calculator input your income (1) and expenses (2) then review your budget in the summary (3).
Discover more funds by revising areas in expenses (2) which could be minimised or adding any additional income (1).
* The comparison rate is calculated on a secured loan of $150,000 with a term of 25 years with monthly principal and interest payments.
WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Important Information: Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Interest rates are subject to change. Offer does not apply to internal refinances and is not transferable between loans. Rates, fees and charges displayed apply to new borrowings only. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice.
NOTICE: There are currently movements in the market place which affect the price of money. Therefore there is a high probability that mortgage rates may increase in 2016. Fixed rate loans are not set (locked in) until loan funds are drawn down. All quoted fixed rates are indicative only and are set from loan settlement.
Can I afford mortgage repayments?
Deciding to buy a house is a big decision. For most people it will be the biggest purchase they will ever make in their lives. Not only can owning a house be great for you and your family’s lifestyle, but repaying a mortgage over a number of years can benefit you financially in the long term by improving your credit rating and providing you with an asset that can grow in value. If you are buying a house for the first time, worrying about being able to repay your mortgage can be a concern. Getting your budget in shape is a great first step to overcoming that concern. Our budget calculator can help you get all your income and expenses down on paper, and give you a visual guide to where any savings can be made. These savings can go towards a mortgage deposit and future mortgage repayments. All you have to do is fill in what you earn and what you spend, and our budget calculator will calibrate the timelines into an easy-to-understand format. Having a budget, and budget planning, are two of the best tools you can have to help you achieve your home-buying aspirations.
What loan amount can I borrow up to?
Once you have an idea of how much money you may be able to save, the next step is finding out how much you may be able to borrow. Use the income and expenses information you gained from our budgeting calculator and put it into our borrowing calculator. When you research what type of loan you are looking for, you will get a good indication of Mortgage House’s competitive interest rates and loan options. Enter that information into the borrowing calculator, as well as the loan period, and you will get an indication of your borrowing power. You will receive an overall figure, which will be an indication of how much you may be able to borrow up to. That can make it easier for you to house hunt, but remember, this figure is only a guide. You still have to apply for a loan, and be approved, before making an offer on a property.
What information can a repayments calculator give me?
Once you have an idea of your borrowing power, you can get down to the details of repayments. Our loan repayment calculator can give you an indication of how much repayments of certain-sized loans can be. Simply fill in all the information based on the loan amount, loan period, interest rate and loan type, and you will receive a detailed guide of weekly, fortnightly and monthly repayment options. Importantly, you will also receive a clear picture of the interest makeup of your mortgage and how much interest you will pay over the life of the loan, with the minimum repayments. Most Mortgage House loans allow you to make additional repayments, including lump-sums, without attracting any penalties. Our repayments calculator can also allow you to see what happens to your repayments when interest rates increase or decrease. This is important if you are thinking of choosing a variable rate loan, and can help you understand what rates increases or decrease can do to your budget in the future.
Can I compare loans with a mortgage calculator?
With all that understood, now can be a good time to compare the different kind of mortgage options available, and how they can affect your budget. Our best rate calculator is another important resource for those looking to buy a home or an investment property. Enter the loan amount, the property value, whether you want a fixed or variable loan, and whether you are looking for a full or low documentation loan. From there, all the relevant Mortgage House loans will appear, allowing you to compare, in detail, interest rates, fees, comparison rates and weekly, fortnightly and monthly repayments. A comparison rate is designed to give you an indication, or a comparison, of what your effective interest rate could be like with compulsory fees and charges included. Banks and lenders are required by law to market comparison rates alongside advertised rates.
Can I save money if I reduce my loan term?
Reducing the term of your loan can save you money, by lessening the amount of interest you pay over time. As an example, if you paid off a $300,000 loan with a 3.49% variable rate over the traditional 30 years, assuming interest rates don’t change, your repayments would be $1345.45 a month and you would pay $184,363 in interest over the life of the loan. If you paid the same loan back in 25 years, you would save almost $35,000 in interest, and your repayments would be about $150 a month more. If you paid the loan off in 20 years instead of 30, you would save almost $70,000 in interest and your repayments would be less than $400 a month more. When it comes to fixed interest rates, most fixed loans also have a fixed term, usually between 1 and 10 years. After that term, you can apply for another fixed-term loan, otherwise your mortgage will revert to a standard variable loan.