Home Loan Calculators – a Useful Tool
Making your first real estate purchase can be an exciting time – but for many, the process can also seem confusing. Many first home buyers are often unsure of where to begin in terms of budgeting, securing a loan or preparing a deposit.
In addition to the actual search for a place to live, you must develop a strategy to organise your finances and responsibly prepare for one of the biggest purchases you will make in your lifetime.
From setting up your budget and saving for your deposit to finalising your sale, there are plenty of things to think about when making your first property purchase.
It is also wise to keep in mind the extra expenditures that go along with buying a new house – including inspection fees, stamp duty and transaction charges.
Measuring your income level against your expenses, as well as going through your credit history can be an overwhelming process if you have not given it much thought before.
Whatever your situation, it is often best to start out with a straightforward strategy that helps you to see the whole process in an understandable way.
This is where a home loan calculator can be particularly helpful, as it can give you an idea of your overall financial situation and help you assess your borrowing power.
How can a home loan calculator help?
Using Ray White mortgage home loan calculators can help you determine just what kind of loans you can afford based on your income tax and other factors – figuring out your borrowing capacity is a pivotal starting point for establishing a budget.
Home loan calculators can also figure out how much your future property payments could be and how long you will be paying off your mortgage.
If you want to evaluate different types of loans, a mortgage home loan calculator can help you compare two different loans at one time – including estimated future payments.
While borrowing criteria is often quite different between lenders, mortgage calculators can help you get an idea of what home loan options you may wish to pursue.
In addition, when you have found the perfect property to buy, a home loan calculator can help you estimate the amount of stamp duty you pay at the time of transaction based on the state or territory you live in.
Home loan calculators from Ray White
Home loan calculators from Ray White can also help you determine specific figures for your mortgage.
A Lump Sum Calculator can illustrate how much you will save over the life of your loan by making lump sum payments, while Extra Mortgage Repayment Calculators show you how much time and money you can save over the life of your mortgage by making extra repayments on your loan.
Principal and Interest Loan Calculators demonstrate how making extra repayments towards your mortgage could help you lower the total interest on your loan by reducing the principal owed.
Fixed and Variable Loan Calculators illustrate the impacts of splitting your home loan into fixed and variable components.
These mortgage calculators from Ray White can give you a great idea of what to expect as you seek out your dream home, and a discussion with mortgage brokers at Ray White can help you choose the right course specific to your personal situation – easing you into the residential property market.