Mortgage Calculator

Mortgage Calculator

This calculator is for information purposes only. Therefore, this is not financial advice.

This is a model, not a prediction. As a result, the amounts and repayment periods noted are estimates only, actual amounts may be higher or lower.

We recommend seeking financial advice about your specific situation and goals before getting a financial product.

This mortgage calculator provides an estimated amount and is for illustrative purposes only.

In addition, it is based on the accuracy of the limited financial information provided by you and does not take your personal circumstances into account. Results are based on amortised scheduled repayments with a constant interest rate for the term of the loan.

To calculate results and compare options, the mortgage calculator is based on assumptions. For instance:

• This is a Table repayments term loan.
• The interest rate remains the same for the loan term. Realistically, the interest rate is likely to change over the loan term.
• You make all your repayments in full and on time.
• You pay the minimum required and don’t borrow more under the loan.
• Your repayment amounts are calculated on a Principal + Interest basis for the loan term and therefore doesn’t work for revolving loans.

Interest and repayments may vary in this mortgage calculator due to various factors. For example:

• The date when your payment is due
• Loan Balance
• Interest Rate – which may change
• Repayment Type – Principal and Interest, or Interest Only
• Purpose of your loan
• Term of the loan, and
• Frequency of payments.

In addition, your overall repayment amount and loan period is subject to your lender’s terms, conditions, deposit criteria, and fees.

Therefore, using this calculator does not guarantee you will be given a loan by your lender. Contact your lender directly to assess whether you satisfy their lending criteria.

Ways to use our Mortgage Calculator

Our calculator provides guidance for the following scenarios:

• Best mortgage calculator for homebuyers
• How to use a mortgage calculator to estimate monthly payments
• Mortgage calculator for first-time homebuyers
• Free online mortgage calculator for affordability assessment
• Mortgage calculator for extra payments and early payoff
• Mortgage calculator for affordability analysis

How to lower your mortgage repayments

There are a few general ways you can lower your mortgage repayments. For instance:

• Firstly, with a longer loan term, your payment will be lower (but you’ll pay more interest over the life of the loan).
• Borrowing less leads to smaller monthly mortgage payment.
• Search for lower interest rates across a range of lenders.
• Make a bigger up front payment to reduce the size of the loan.
• Make extra repayments. To find out how you can save more, use our Savings Calculator and Income Tax Calculator.
• Finally, review your loan regularly to assess whether you take steps to save more money.

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