Mortgage Calculators NSW
Which mortgage calculator to use?
One of the great things about looking to buy a home and apply for a home loan today is there are a range of resources and financial services available to give you a helping hand. You no longer have to rely solely on the closed information and secretive algorithms of big banks to find out whether or not a certain home loan may be suitable for you. At Mortgage House we have a focus on being competitive with our interest rates, offering diversity with our products and financial services and provide a level of customer service unheard of in the industry. That is where finding the right mortgage calculator in NSW becomes useful. A mortgage calculator is an easy-to-use resource that gives you a range of information about a range of different home loans suitable for you and your family. We offer a range of NSW mortgage calculators which include:
- Mortgage Repayment Calculator. This is a good mortgage calculator if you are looking for a home loan and want to know what your repayments may be, as well as how much interest you will be paying weekly, fortnightly or monthly as well as over the life of the loan.
- Borrowing Power Calculator. A mortgage calculator in NSW like this one can give you an indication of how much you may be approved for, by a bank or a lender.
- Switching Mortgage Calculator. Giving your current variable or fixed interest rate home loan a health check every now and again can be a good idea. You might be able to save money and access features that aren’t linked to your home loan. This mortgage calculator can help you find all that out.
- Best Rate Mortgage Calculator. Mortgage House has a mortgage calculator in NSW that can list all our home loans in interest rate order. It also shows you mortgage repayments and fees and charges information.
- Stamp Duty Calculator. Where you live and what kind of home you buy, or build, can affect how much stamp duty you pay. Use this mortgage calculator to help you access the stamp duty information you need.
- Budget Planner Calculator. This resource is a great place to start before looking at any other NSW mortgage calculator. It gives you the information you may need to budget for a home loan and helps make it easier to understand your entire financial situation.
How is mortgage principal and interest calculated?
Using a mortgage calculator in NSW can give you information about mortgage repayments or which parts of your repayments are made of principal and interest, but they won’t give you too much information on how that interest is calculated. The good news is most banks and lenders will calculate it the same way. Interest will be calculated each day, based around what your loan amount is that day and what the interest rates are. However, that interest will not be charged daily. Banks and lenders will add the interest amounts together at the end of the month and add it to the loan amount. A mortgage calculator that gives you a repayment schedule, such as a mortgage repayment calculator, will show you how much of the repayments will be made up of both the principal amount and the interest. There are two kinds of interest rate loans in Australia:
- A Variable Loan. Variable home loans mean your interest rate can increase or decrease over the life of the loan. There are a range of internal and external variables that can influence interest rates such as the official Reserve Bank cash rate or the cost to the bank or lender providing you with the loan.
- A Fixed Rate Loan. Fixed rate home loans mean your interest rate will be fixed for an agreed period, which is usually between 1 and 5 years. After your fixed period you can renegotiate another fixed rate or let your home loan become a variable rate mortgage.
When it comes to interest rates, there are also two kinds of repayments with Australian loans:
- Principal and Interest. Mortgage repayments will be made up of both the principal loan amount and the interest charged.
- Interest-Only. Mortgage repayments are only made up of the charged interest. After an agreed time, the loan will become a principal and interest home loan.
A mortgage calculator will include an option to click either Principal and Interest or Interest-Only.
How much of my monthly income should I spend on a mortgage in NSW?
How much you can afford to spend on a mortgage is always a conversation between you, your family and your financial advisor. While there are many theories around mortgage stress, it’s always important to do your homework before making any decisions. This is where a mortgage calculator can help. Our Budget Calculator below isn’t a repayment calculator but can help you understand your budget better. By putting the requested information in as accurately as possible, you can get an indication of how much money you may have available for mortgage repayments.
Best Interest Rate Calculator
Important Disclaimer: This information is intended as a guide only. The calculation of fortnightly and weekly instalments varies with the specific loan product. Higher loan repayments will be required on principal and interest loans where the instalment calculation is based on half the monthly payment for a fortnightly payment or a quarter of the monthly payment for a weekly payment. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan.
But remember, there can be more costs associated with buying a home than just the home loan repayment. Others include:
- Deposit. Most banks and lenders will require a deposit of about 20% of the value of the property before approving a home loan. However, there are options available if you don’t have such a large deposit.
- Lenders Mortgage Insurance. A bank or lender may require you to take out LMI.
- Stamp Duty. This is a tax you pay on the transaction of buying a home and can be quite a lot of money. How much depends on a range of factors. Our Stamp Duty Calculator can help.
- Insurance. Most banks and lenders will require you have at least home insurance to protect your new property. Contents insurance is also a good idea.
- Council rates and strata fees. You will need to pay local council rates wherever you buy a property in Australia. How much depends on where and what kind of property you buy. If you buy an apartment you may have to pay strata fees.
- Household bills. Utilities such as water, electricity, gas and the internet always need to be taken into account when budgeting for a loan. If you have only rented, you may not have had to pay a water bill before.
- Maintenance and renovations. If you are no longer renting, you can’t rely on the landlord to fix things around the house anymore. And you may need to do some renovations before you move it, to make your new home exactly as you want it.
How do I pay off my mortgage early calculator?
Reducing the life of the loan by paying it off earlier can save you thousands of dollars. The earlier you pay it off the less you will pay in interest, whatever your interest rates are. A mortgage calculator can show you how much you may save. Simply reduce the loan period in the mortgage calculator below and see the difference it makes. You will notice the reduction in the Total Interest figure.
Mortgage Repayment Calculator
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.
Some Mortgage House home loans have features that can help you pay off your home loan sooner or impact how much interest you may pay. They include:
- Additional Repayments. Not being penalised for making additional repayments whenever you want can be a great feature and can make a big difference.
- Redraw. A redraw feature allows you to withdraw any additional repayments or lump sum payments you have made at any time, for any reason. It doesn’t even have to be associated with your property.
- Offset Account. Using a non-interest-bearing bank account to offset against your mortgage can save you money. Interest is calculated on the difference between the two accounts, not the mortgage balance alone.
Can I afford another mortgage in NSW?
Whether you have a home loan already or are looking to get one after not having one for a while, a mortgage calculator can help. A Borrowing Calculator can help give you an indication of how much you may be able to borrow from a bank or lender. The figures are estimates only, and not pre or conditional approval, but they can help you decide whether or not to proceed with a home loan application. It may also be able to help narrow down your property search.
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. We recommend you seek independent legal and financial advice before proceeding with any loan. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable.
WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.
If you have an existing home loan, one thing to think about is equity. Equity is the difference between what your home is worth and how much you still have to pay on your home loan. Equity means a bank or lender is more likely to lend you more money, especially if you’re looking to take out another mortgage. You can increase your equity by:
- Increasing your property value by renovating your home
- Reducing your loan balance by making more regular or larger repayments
- Taking out a loan with a shorter term
- Opening an interest offset account, so your savings offset your loan balance and reduce the interest you pay on your loan.