What is the Mortgage Repayment on a $950,000 House?
The answer to any what is my mortgage repayment monthly amount question is it depends. If you have been approved for a $950,000 mortgage, several factors are working in your favor including the interest rate. In February 2021, the average mortgage interest rate in Australia stood at 3%.
If your credit score ranks in the top 40% or lands between 726 to 832, lenders are going to offer you the best interest rates available at that time. They’re competing for your business, especially for a mortgage amount of $950,000.
At a 3% interest rate and 30 years, the monthly repayment amount is $4,000. If you procure a 2% interest, the monthly repayment amount becomes $3,500 for 30 years.
If you’re interested in repaying your mortgage in 15 years instead of 30, your monthly repayment amount changes. At a 3% interest rate, the monthly repayment amount becomes $6,500. If you procure an interest rate of 2%, the amount changes to $6,100.
When you’re trying to figure out your mortgage repayment per month, figure out what you’re most interested in accomplishing. Some individuals want the best rate. Others want to pay the least amount over the life of the loan. In these cases and others, lending specialists are ready to address your financial goals.
Mortgage Repayment Conclusion
A mortgage repayment amount depends on the principal, interest rate, and length of the loan. Taxes and fees increase the loan slightly, but you can opt to bake those costs into the cake. To discuss potential mortgage options, contact our Mortgage House team for more information. You can also see how the mortgage changes by using our online mortgage repayment calculator.