What Is a Mortgage Repayment Calculator?
In 2022, homebuyers have several resources at their disposal. These resources help them become more familiar with the mortgage application process. Thus, they can avoid walking into the process and encountering surprises. There is no reason that an application should receive a denial. Moreover, Australians only see 10% of home loan application denials annually. Thus, more Australians walk into the application prepared.
Among the tools that help homebuyers walk into the application stage with more confidence is the Mortgage House mortgage repayment calculator.
The inputs for a home loan repayment calculator include:
- Interest rate
- Loan amount
- Loan length
- Type of loan
After the user inputs values, the calculator gives loan repayment amounts on a monthly, weekly, and fortnightly basis. The calculator works well for mortgages that have a principal and interest rate. It also comes in handy for homebuyers and investors who opt for an interest-only home loan.
The resources help homebuyers the amount they can expect to repay regularly. It also helps them see the repayment amount based on frequency. Homeowners who make weekly or fortnightly repayments chip away at the principle much faster. Therefore, they reduce the amount they pay for interest rate charges. For some, the savings net them $100 a month. Over time, it becomes healthy savings that homeowners can reinvest in their homes.
Mortgage Repayment Calculator Conclusion
Mortgage House makes its mortgage repayment calculator free to all users. After trying it out, our loan specialists can answer any outstanding questions that homebuyers have. Contact our team today.