Mortgage Repayment Calculator
One of the best aspects of today’s mortgage market is that house buyers have access to a wide selection of tools and information in preparation for a meeting with a professional mortgage broker.
How to calculate mortgage repayments?
A mortgage repayment calculator gives you the flexibility of being able to get an indication of what your mortgage repayment may be before engaging with a mortgage broker.There are two main types of mortgage repayment options, and you can choose either with our mortgage repayment calculator.
Principal and Interest : Some home loan product options give you the flexibility of interest only repayments up to 10 years, which means, you only pay back the interest amount of the home loan. This option is popular for property investors, who aim to sell the property for a profit before the end of the interest only period or refinance for an additional interest only period.
Principal and Interest : With these home loan products, repayments are made up of both the principal amount and the interest, over the life of the loan.
How to repay your mortgage faster?
While online tools like home loan repayment calculators can provide a general idea of potential repayments, determining the most effective strategy to expedite mortgage repayment often requires a deeper understanding of specific loan products. Mortgage Street offers various features designed to assist borrowers in this regard, including:
Split Mortgages: These allow borrowers to combine fixed and variable interest rates within a single loan, offering flexibility and potential cost savings.
Interest-Only Loans: These loans enable borrowers to pay only the interest for a set period, which can be beneficial for managing cash flow.
Family Pledge Mortgages: This option allows a close relative to use the equity in their property as security for your loan, potentially assisting in securing a loan without a substantial deposit.
Given the complexities involved in selecting the most suitable loan features and strategies, it is highly advisable for all borrowers to seek professional advice from their trusted mortgage broker. A qualified mortgage broker can provide personalised guidance, ensuring that the chosen loan product aligns with your financial goals and circumstances. They can also assist in navigating the various options available, potentially leading to more favourable loan terms and conditions.
Engaging with a mortgage broker not only simplifies the decision-making process but also ensures that you are well-informed about the implications of different loan features, ultimately contributing to more effective and efficient mortgage repayment strategies.
Other Calculators
Mortgage Repayment Calculator
Lost in a sea of information online? Whether it’s refinancing, real estate investing or SMSF, our resources will show you how.When you borrow money from banks or lenders to buy a property, you enter into a legal agreement that requires you to make agreed mortgage repayments over the life of your loan