![]() If you take out an interest-only loan, it means that your repayments will only need to cover the interest on the amount borrowed for a limited time. The actual number you get from a financial institution may significantly vary from the result you get with our calculator. Use our interest-only mortgage calculator as a guide to help you estimate what your monthly payments will look like with an interest-only home loan. No rounding takes place during calculation, while in practice, repayments are calculated to the nearest cent.A year consists of 26 fortnights or 52 weeks and is counted as 364 days.Interest is calculated by compounding the same repayment frequency.The interest rate remains the same during the loan term.Upfront and end of loan fees are not considered, only ongoing fees.This interest-only mortgage calculator operates on a series of assumptions, including: The loan balance chart gives you a visual breakdown of the difference between the total balance you owe and how much more you'll end up paying in interest. Loan Fee: Fees you need to pay during the life of the loan, such as account maintenance or servicing fees.Interest-Only Period: How long you are required to make interest-only payments.Repayment Frequency: How often you make loan repayments (usually weekly, fortnightly, or monthly).Loan Term: How long you have to repay the loan (typically between 25-30 years).Interest Rate: The interest rate of the home loan. ![]() Loan Amount: The total amount of money you want to borrow.To use the calculator, all you need to do is input: ![]()
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