Online Mortgage Calculator
July 5, 2014
If you don’t know what an online mortgage calculator is, read on. We will show you how to use one and even direct you to one.
Getting the home you want
There are three factors that will AFFECT your purchase of a home in SA:
- The size and area will affect the price.
- Your income will affect your repayment abilities.
- How much you prepare for the purchase will affect the experience you have.
How to make these factors work FOR you and not against you:
The size and area
The bigger the house and the better the area, the more a house will cost. Best you grab a calculator and start working out what you are able to afford. You can also use a home loan calculator to get a better idea of what’s possible for you. There are many of them online and they are easy to use. An online mortgage calculator lets you work out the bond repayment. It does this by taking your income, repayment time and house cost.
So if you have your eye on a house you really like, why not do the maths first? Home loan rates can be properly worked out on a home loan repayment calculator. This gives you the details you need before actually contacting a loan company or bank.
Of course your income will also affect your ability to purchase a new house. If you’re wise, you’ll make an interest calculation to help you decide what you can afford. You wouldn’t want to waste your time and money contacting property agencies and banks until you know you can afford what you want.
The interest rates on loans also fluctuate. Bear this in mind when you use an online mortgage calculator. Most of them are set on 9% interest, but your payment will increase if the there is an interest rate hike.
A loan calculator also plays a huge role in getting you prepared. Your experience in buying a new house will be better the more prepared you are. If you’ve had a bad experience before, chances are you were unprepared for something. It’s always wise to expect the unexpected. Many unexpected factors can play a part in this:
- The cost of moving. (Add this expense when you use a loan repayment calculator)
- An interest rate hike. (Ask your lending agency for a fixed interest rate)
- Home maintenance. (Another expense you can factor in when you calculate your mortgage costs on an online mortgage calculator)
- Home insurance. (The simplest solution is to use our mortgage insurance calculator to prevent this from popping up later)
Hopefully this advice has helped you. The information contained here should help prepare you for the home owning journey ahead. As you have seen, using a mortgage calculator is very useful in preventing unforeseen expenses and bad experiences. Feel free to get quotes from our quoting system and use our online mortgage calculator to source the necessary information. Once you have everything, you can apply for the right home loan at leisure.
Next step: complete and submit the form on this page to apply for a loan
All info was correct at time of publishing