Loan Calculator

Mortgage Calculator and Loan Calculator


Home loan mortgage calculator, with monthly amortization [amortisation] schedule, through to the end of the loan.

This fabulous mortgage calculator in the sidebar allows to to view how much your loan repayments would be for a thirty year loan on a $350,000 property when you have a 10% deposit as the default. To use the home loan calculator to calculate your loan scenario simply change the numbers to suit your situation. This way you can calculate how long it would take to repay your home loan if you increased the loan repayments.

Please note this mortgage calculator does not provide for other costs of buying property. These other costs may include, your own conveyancing lawyer fees and property searches, property appraisal fees, pest and building inspections, single premium mortgage insurance for home loans with less then 20% deposit [loans greater than 80% Loan to value ratio, and then increases with higher LVR's], application and establishment fees charged by you bank if applicable, annual house, or home and contents insurance premiums, any pro-rata council rates due, property taxes and state stamp duty on the property and the mortgage.

Mortgage Interest rates

We have set the default rate, but your mortgage rate will depend on your bank or mortgage lender’s offer. This may be determined by:

  1. Special lending offers they have at the time,
  2. Your property Postcode, as undesirable areas may have higher deposit rates, mortgage rates or the bank may be precluded from lending on property in that area,
  3. The loan size. Higher loans may attract sharper mortgage rates.
  4. Your salary and profession. Many home loan lenders see high income earners and those in professions as a lower mortgage default risk. Your loan payments other than your mortgage will have to be taken into account.
  5. Your credit history. If you have been sloppy with paying any debts, have judgements and outstanding phone, or other utility bills, you may be seen as a credit risk, and attract a higher interest rate, require a higher deposit or both, or not meet the lender’s guidelines. This is extremely common today. We suggest that you get a credit report done before applying for a loan and see what the banks will be looking at when they consider your home loan application.

Please check with your mortgage lender for details on these areas.

Reducing your mortgage loan term: Check the results with our mortgage calculator

As you can see from the amortization tables, that in the early years most of the payments are for interest, and only a little for the repayment of the principal. If you want to reduce your home loan term you could make voluntary repayments. If you double the principal payments for instance, especially in the early years, then you will dramatically reduce the term of your home loan mortgage. A mortgage calculator can be a useful tool to work your loan payment scenarios, before to see a mortgage professional.