One of the key financial decisions we have to make in our lives is how to finance our mortgage. Most of us are not savvy enough to do this without som...
One of the key financial decisions we have to make in our lives is how to finance our mortgage. Most of us are not savvy enough to do this without some assistance and advice. This will take serious consideration of our incomes and abilities to repay the loan and one useful little tool we can use for this purpose is a HomeLoan calculator.
A good financial calculator can help us with everything from repaying car loans, reducing credit card bills, calculating interest received on savings and calculating stamp duty to working out repayments on our mortgage or calculating interest saved by making additional payments to existing mortgages. At the personal finance site, LowerBills, there are easy-to-use calculators that can help with all of these things.
With the HomeLoan calculator, it can help you work out your financial obligations whether you are purchasing a property to move in to yourself or as an investment. It works by inputting the loan amount, the interest rate and the loan term (in years). You can enter monthly, fortnightly or weekly frequencies of payment and then it will tell you exactly how many installments are involved, the regular loan repayment, the Principal and Interest Total and the Interest alone total.
Another useful Homeloan calculator tool is the Interest Savings Calculator which is specifically designed to work out the savings you will make on interest payments when you make additional contributions to your mortgage. This can be quite a complicated calculation but it is made simple as you just key in the Home Loan amount and the proposed additional payment, the Indicative Interest rate and the loan term and you will see the expected loan term reduced and the total interest saved.
It should be pointed out that the above financial calculator on LowerBills, like most out there, takes the interest rate as constant when, in many cases, it may be variable. You will need to bear this in mind.
Of course a financial calculator is not going to tell you all you need to know. The best use of these tools is as an initial guideline for you before you get into the real nitty-gritty of the home loan contracts.
For more information regarding saving calculator, finance calculator and interest rate calculator, please visit: lowerbills.com.au
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