Mortgage Repayment Calculator

Mortgage Repayment Calculator

One of the best aspects of today’s mortgage market is that house buyers have access to a wide selection of tools and information in preparation for a meeting with a professional mortgage broker.

Repayments Calculator

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Repayments

$1,798.65 per month
Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage Street’s prevailing credit criteria apply. Please note that your actual fortnightly repayment would be equal to the monthly repayment amount divided by two. Weekly repayments would equal the monthly repayment amount divided by four. If you choose to pay fortnightly or weekly, your actual repayments will be higher than repayments shown on this page. You can reduce the term of your loan if you choose to make repayments fortnightly or weekly. We recommend you seek independent legal and financial advice before proceeding with any loan.

How to calculate mortgage repayments?

A mortgage repayment calculator gives you the flexibility of being able to get an indication of what your mortgage repayment may be before engaging with a mortgage broker.There are two main types of mortgage repayment options, and you can choose either with our mortgage repayment calculator.

Interest Only : Some home loan product options give you the flexibility of interest only repayments up to 10 years, which means, you only pay back the interest amount of the home loan. This option is popular for property investors, who aim to sell the property for a profit before the end of the interest only period or refinance for an additional interest only period.

Principal and Interest : With these home loan products, repayments are made up of both the principal amount and the interest, over the life of the loan.

How to repay your mortgage faster?

While a home loan repayment calculator can help you work out what your repayments may be, finding out how to repay your mortgage faster can require you to delve a bit deeper into a home loan product.Most Mortgage Street home loans come with a range of features that can help you pay off your home loan faster. They include:

Additional Repayments are available. Making additional payments is an important element of any plan to pay off your mortgage quicker. Mortgage Street has a variety of home loans that don’t penalise you for making extra payments, which may help you pay off your loan faster and save thousands of dollars in interest.

A redraw function might make it easy to make additional payments on a regular basis. The prospect of making additional payments on a monthly basis might be daunting and unknown for some people. You may make extra payments and access them whenever you want using a redraw function. You don’t have to use the money for anything linked to your house or home loan, and you can withdraw any extra payments you’ve made as long as the minimum repayments have been maintained.

Offset Accounts. Your repayments may also be aided through a 100% interest offset account. It’s a feature that allows you to pay less interest by using a non interest bearing sub account. The difference between the two accounts is used to compute interest, which may save you thousands of dollars over the life of the loan. You may use the money saved to make extra payments on your mortgage, allowing you to pay it off faster.

Lump sum payments. While this is not a feature of a mortgage loan, it is a method of paying it off more quickly. If you get a great tax return, a raise, or inherit money, putting it toward your mortgage can help you save money in the long run. If your home loan package includes a redraw function, you can still use it if necessary.

Other Calculators

Lost in a sea of information online? Whether it’s refinancing, real estate investing or SMSF, our resources will show you how. When you borrow money from banks or lenders to buy a property, you enter into a legal agreement that requires you to make agreed mortgage repayments over the life of your loan.