Home loan calculators are a very helpful tool for prospective home buyers. Shopping for a home loan with no background on what loan type is best for you, how much you can afford overall and on a monthly basis, the features of a given loan, fees and charges almost guarantees a home buyer will get a loan that doesn’t suit them and they will end up losing money in the long run. By “running the numbers” using a home loan calculator, home buyers can find out how much of a loan they can qualify for, get an idea of what their monthly payments should look like, understand the financial implications of each loan’s characteristics and additional features, and know exactly what the fiscal pros and cons of each loan are. Using our suite of home loan calculators before doing anything else is the crucial first step to becoming an educated borrower who is ready to enter the home buying process.
Home loan calculators work like this: the borrower determines what it is they need to find out (for example, I want to get an idea of my monthly payments of a loan of a certain amount), picks the calculator that suits that need, and then fills out the information requested by that specific calculator. In order to get the most reliable results from a home loan calculator, you need to gather as much data about your existing financial situation as you can. Depending which calculator you select (according to your needs), you will need to enter:
- - The amount of the loan you need
- - The length of time the loan is for
- - The interest rate of the loan (run the numbers for several different rates)
- - The amount of your down payment
- - Fees, taxes, stamp duty, etc.
- - The amount and the schedule for any extra payments
There are many home buying calculators available, each with its own use. Some will show the prospective home buyer how much they can afford overall or assist with budgeting for the loan by calculating monthly payments. Others will help calculate the stamp duty and other fees, which is equally important when trying to decide how much you can afford, overall and in regular payments. Speaking of regular payments, there are even calculators that can demonstrate the added savings of making extra payments and lump-sum payments. Another helpful calculator allows the borrower to compare two different types of loans with the same numbers in order to get a head-to-head evaluation of the different types of loans available. As you can see, home loan calculators are diverse and versatile tools designed to help borrowers see the big picture from every angle. The home loan calculators we offer are:
Important Note: All calculators provided here are a to be use as a guide only and should not be considered a quote, a loan offer, or investment advice. Other criteria may need to be considered and before taking out a loan you should always consult your personal financial adviser.
Home Loan Calculator
Along with the buying power calculator, the home loan repayment calculator is the most often used home loan calculator. Rather than looking at your expenses and giving you an idea of how much home you can afford, the home loan repayment calculator looks at the specific …Read More
Borrowing Power Calculator
The borrowing power calculator is, along with the monthly payment calculator, the most popular home loan calculator. Home buyers use the borrowing power calculator to answer the simple question, “how much can I afford to borrow?” This is an important question, since…Read More
Honeymoon Calculator
Some home buyers will find tremendous benefit with a honeymoon loan. Also known as an introductory rate loan, a honeymoon loan features a lower interest rate at the beginning of the loan, usually the first year. The lower rate might be as much as a full percentage point…Read More
Extra Repayment Calculator
Many home buyers won’t be able to pay off the entire balance of a home loan in one lump sum early in order to save interest. If they had that kind of money, why did they need a loan in the first place? But every home buyer has the ability to save money on a …Read More
Interest Only Loan Calculator
An interest only loan offers flexibility to borrowers. During a set term at the beginning of the loan (typically the first five years), the home buyer will pay only the interest of the loan with the option to pay a little more toward the principal. The drawback to this …Read More
Mortgage Calculator
A mortgage calculator is a very useful tool for home loan applicants looking to get a good idea of their buying power or estimated monthly payments for a new loan. By using a mortgage calculator, home buyers or home owners trying to refinance can get a good estimate of …Read More