How To Crunch Numbers With a Mortgage Calculator
Applying for a mortgage is one of the biggest financial decisions you are likely to make - and with so many things to think about, it is important that you have a solid understanding of your budget.
From determining your borrowing power to evaluating the costs of additional expenses - such as stamp duty - getting your head around the numbers is one of the most important parts of the finance process, especially for first-time buyers.
This is where mortgage calculators can be incredibly helpful tools. These handy online resources can help you figure out everything from how much money you can borrow to the amount of time and money you can save by making additional mortgage repayments.
Mortgage calculators can also help you compare different types of loan - or even assess whether splitting your home loan with fixed-rate and variable-rate components would be a wise choice for you.
You may even wish to use these tools to determine the financial impact of different loan terms - assessing the interest changes between 20, 25 or 30-year mortgages for example.
However, it is important to bear in mind that the costs associated with purchasing a property can vary from state to state - and you should take this into consideration when crunching your numbers so you can make an informed decision about your finances.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today