Home loan calculators are a simple way to assess every part of your mortgage, from how much you have left to pay, to what extra costs you will have when you buy a new property. There are many different calculators to choose from depending on what stage of the home buying process you are at.
If you’re considering buying a property, and want to establish a good price range for your budget, Choice's How Much Can I Borrow Calculator can help you decide. Simply enter your annual income, along with any monthly expenses you already have, such as credit card or car repayments, and the calculator will work out how much a bank would lend you.
You can then start to work out what loan terms would be the best for you, using the Basic Loan Repayments calculator. This calculates how much your repayments will be if you pay on a weekly, fortnightly or monthly basis. It also tells you the total cost of the loan under each payment system, so that you can assess which payment terms would be better in the long run.
Stamp duty calculators can also help you plan for some of the hidden costs in buying a home. Once you've decided on a home you want to make an offer for, you can enter the asking price to find out what your purchasing costs will be. These will vary based on what state you live in and whether you will live in the property you’re buying.
If you've already had a home loan for a few years, you may want to find out how much you have left to repay. Choice’s Remaining Balance calculator is the ideal tool to work this out – if you enter the original terms of the loan and how many years you've been paying it off, the calculator will work out exactly how much you have left to go.
If you’re after more detailed advice beyond a simple calculation, Choice Home Loans can help. Our mortgage brokers can talk you through all the sums and guide you to the best value home loan on the market.
Choice home loan calculators can help you with your budget and decide which home loan could best meet your needs. Talk to our expert mortgage brokers today.
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