Know More With A Mortgage Calculator
If you are wondering what life will be like with a home loan, the best way to get a general idea is by using a mortgage calculator.
These are free online tools which you can use to see how much a mortgage will cost you month to month and how long it will take you to pay it off.
Start by using a how much can I borrow calculator to find out how much you can borrow to buy a house. Then you can compare loans in the market with a home loan comparison calculator.
See how changing the amount of your deposit will affect your repayments and the term of your loan - this can be very instructive.
A repayment calculator will help you see what effect increasing or decreasing your monthly repayments will have and how this will impact on the overall interest you pay.
You can also investigate what savings might be derived by making a lump sum repayment - though be careful as some home loans might not allow this.
And don’t forget to use a stamp duty calculator to see what fees and duties you need to pay, depending on the state you are buying in.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.