Take an Interest in Your Home Loan
Did you know that there is a mortgage calculator that can tell you how much of your home loan repayment will be going towards interest and how much towards loan principal?
There is – this is called an interest calculator.
With this useful online tool you can see how much interest you will pay for different home loan rates, terms and repayment schedules.
If you are just getting started with mortgage finance, this is a great way to see what a home loan looks like in cross-section.
That means you’ll see how much interest you pay in total over the full term of your loan – this can be really helpful for comparing different loan products.
You’ll also see the rate at which you build your loan principal – your equity.
Once you’ve got a general idea of how a certain loan structure works, you can then start adjusting things to see how you could find a better fit for your circumstances.
For instance, if your goal is to pay your loan off as soon as possible, you can see just how quickly making extra repayments could help you do so.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.