repayment calculator

Viewing 5 posts - 1 through 5 (of 5 total)

oceans
Participant
@oceans
Join Date: 2006
Post Count: 10
February 3, 2012 - 12:10 pm
Hi everyone,
Just have a quick question on working out mortgage repayment amounts. Every mortgage calculator i look at gives me a different amount as a weekly repayment. Does anyone know of an accurate and easy way to workout mortgage repayments so i can do my sums when looking at properties ?
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
February 4, 2012 - 12:34 am
What repayment are you trying to calculate interest only or principal & interest repayments ?
Remember lenders calculate repayments monthly just a matter of you doing the division thereafter.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 4, 2012 - 1:45 am
I use broker software but this link does the trick – http://www.infochoice.com.au/calculators/home-loan-calculator/
The only difference should be whether it's P&I, IO and the term.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
oceans
Participant
@oceans
Join Date: 2006
Post Count: 10
February 4, 2012 - 2:45 am
I would like to work out both. I will start with an interest only loan but I would like to know how much rent would need to charged to eventually cover the principal aswell.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 4, 2012 - 4:58 am
You can work out interest only on a calculator.
Loan amount x interest rate = interest payable per annum
Divide interest payable per annum by 12 to work out monthly repayments or 52 for weekly.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]