Home Loan Calculators
There are a range of different home loan calculators available to assist you with various aspects of your new or existing mortgage.
Many people think of a home loan calculator as a system that simply calculates your repayments, however there are a range calculators which offer a variety of useful functions.
For anyone looking to take out a new home loan or for those interested in understanding more about their existing mortgage, spending some time playing around with the various home loan calculators can certainly help.
The basic home loan repayment calculator is the most commonly used version by most Australian homeowners.
Essentially a home loan repayment calculator will enable you to enter a range of details in order to calculate your repayment amount. The factors that must be entered include the loan amount, the interest rate and the loan term.
Most repayment calculators will enable you to calculate repayments as monthly, fortnightly or weekly figures. Some calculators will also generate interest only repayment figures for you, although this can also be done on any standard calculator.
Borrowing Capacity Calculator
A common question asked by new homebuyers is how much they can borrow. All banks and mortgage brokers will be able to calculate this for you, but for those wanting to take matters into their own hands there are a range of calculators available.
Different borrowing capacity calculators work in a variety of different ways. Some calculators are very simple and operate by the user simply entering in their available surplus income, which the calculator will then match to a loan amount.
More complex borrowing calculators will take into account different factors such as your total income, your debts and liabilities, and even your dependent children and their ages. This form of calculator is generally more scientific in its approach.
Although most banks provide borrowing capacity calculators on their websites, there is no guarantee that the bank will actually lend this amount to you.
Extra Repayment Calculator
We all know that making additional repayments on a home loan will save time and interest on the mortgage, but trying to forecast the savings can be near impossible without making complex calculations.
The extra repayment calculator enables a borrower to enter the details of their existing mortgage, and then calculate what savings they can make by making additional regular repayments.
It could tell you for example how much sooner you could repay your loan by paying a certain amount extra each month.
Some extra repayment calculators can also calculate the savings to be made by making an additional one-off lump sum payment.
Accessing the Calculators
Most Australian banks and credit unions have very useful websites with a range of different home loan calculators available. Some banks have calculators which are more useable than others, so it’s worth looking around for the calculator which suits you best.
In addition to the banks and other major financial institutions, many mortgage brokers have home loan calculators on their websites. On Money Buddy we have 18 calculators related to home loan and mortgage repayments - click here to see all of them.
Just remember there is no regulation over online home loan calculators in Australia, so whenever using these calculators on this or any other website you are doing so at your own risk.