If you need to crunch your numbers in a hurry, why not start with the online calculators on the Mortgage Express website? From calculating the cost of your repayments, to how much you could save with a split loan or by making extra repayments, work it out online using these handy calculators. Here’s an outline of what each calculator does.
Home Loan Repayment Calculator
As well as understanding how much you could borrow, knowing what your repayments will look like is an important part of the home buying process. The home loan repayment calculator provides an indication of what your repayments could look like using different interest rates, loan terms, and repayment frequency, helping you plan your budget.
Extra Repayment Calculator
Want to find out just how much you could save on interest with an extra repayment to your home loan? The extra repayment calculator lets you test various amounts to see just how much of an impact even the smallest extra payment could have on shortening your loan term and reducing your interest charges.
While the calculations are only an approximation (the amount of savings will vary depending on fees, charges and calculations used by the lender), knowing how much you could save may help motivate you to redirect any extra cash into your home loan.
Split Loan Calculator
Having a split loan – part of your loan fixed while the other is on a variable interest rate – has the potential to save you money. This is particularly relevant in times of interest rate rises where locking in part of your home loan against a fixed interest rate, means you have some assurance of how much your repayments will be.
Use the split loan calculator to work out what the impact will be if you split part of your mortgage. You can also adjust the fixed rate portion to calculate various levels of savings.
A tailor made financial solution
Using our easy online tools can make understanding your finances much easier. If you have questions about any of these calculators, or you’d like to find out more about buying your first home, buying a new home, or growing your property portfolio, contact our team of mortgage advisers. Simply enter your details here and a Mortgage Express Adviser will get in touch with you to discuss how we can help you and arrange a convenient time to meet.
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Mortgage Express Limited for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication.
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