Our home loan repayment & amortization calculator is designed to help you determine the amount needed each month to pay off a home mortgage loan.
Home Loan Interest Rates differ from lender to lender and will depend on your individual circumstances (credit history, employment status, age, etc.). To find out if you qualify ... and for a free, personalised interest rate and repayment quote, please CLICK HERE
The following amortization graphs detail month-by-month data on the progress of the proposed loan. The first chart below examines the reducing loan balance over the course of the finance contract term. The second graph illustrates the portion of each monthly repayment allocated to payment of interest vs principal reduction.
To calculate the monthly home loan repayment, you will need to enter
Here you should allow for the purchase price of the home plus any additional expenses that you intend to include in the home loan.
These expenses might include items such as:
Whilst it is possible to get a home loan with no deposit, you will be in a better negotiating position the more deposit or equity that you can contribute to the home loan.
Deposit or equity could include:
Note: Borrowing from another source to fund a deposit for a home loan is not generally helpful in getting the best deal on a home loan.
The term of the home loan is the number of years over which you intend to repay the loan.
A longer Home Loan Term will mean lower monthly mortgage repayments but you will pay more in interest over the longer term home loan.
When you take a Home Loan with a shorter loan term, you will pay more each month in mortgage repayments - but you will save on the total interest and costs associated with the loan.
Home Loan Interest Rates are constantly changing. Banks and non-banks each offer different home loan rates and they each have different rates for their range of home loan products.
Mortgage lenders also tend to increase and decrease their mortgage interest rates independently of each other - and often independent to movements in the Reserve Bank's official interest rate.
Variable rate home loans are just that. The interest rate on your mortgage can be increased or decreased at any time during a variable rate loan term - generally with little notice.
Therefore, any interest rate/s used in this Home Loan Repayment Calculator should be used as a guide only.