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The average Australian mortgage repayment is around $1500 per month and the average mortgage is $225,000 - higher in NSW and the more expensive real estate states. With rising rentals putting many Australian in a rent trap, more and more people are getting mortgages with little or no deposit and if you can afford it, this is a viable option. On these pages you can work out just how much you would be paying off on a loan at different interest rates and under different conditions.
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The Loan Comparison Calculator calculates the total amounts payable under two alternative loans and then provides the comparative amount saved by using the lower cost loan. The two loans allow for the entry of different expense amounts, both initial and ongoing (either monthly, fortnightly or weekly frequency as entered). In addition, the two loans allow for the entry of different introductory interest rates and terms, with different ongoing interest rates for the balance of the loan term. The calculation is done based on a monthly repayment frequency, in respect of the common loan parameters entered, namely amount and total term in years.
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The Loan Repayments Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate.
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The Borrowing Power Calculator calculates the maximum amount of loan available based on the client specific assumptions entered in respect of the potential borrower.
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The Extra Repayments Calculator calculates the time saved to pay off the loan and the amount of interest saved if repayments are increased by the entered amount of extra contribution per repayment period after the loan has been in force for the entered number of years. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
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