Benefits of using a Home Loan Repayment


If you are in the market for a home and you are planning on taking out a loan, understanding the overall cost of the loan will help you to carefully budget. Before you even apply, having a home loan repayment schedule is helpful to ensure your financial is secure.

This is where the Home Loan Repayment Calculator comes in.

One of the most helpful tools we offer to calculate home repayments, it will provide the amount you will need to pay weekly, fortnightly, and monthly. The only information you need to know is the loan term, interest rate and the loan type.

Brighton MyChoice Home Loans Background
Brighton MyChoice Home Loans

Using the Home Loan Repayment Calculator

Before you calculate home loan repayments, it is important to understand the different sections of the calculator and the function of each.

Loan Amount: This is where you enter the amount of your current or potential home loan

Interest Rate: Enter the interest rate of your home loan 

Loan Term: The average loan terms range from 10 to 30 years, here is where you enter the length of yours.

Loan Fee: Charges that are billed monthly or yearly which go toward the administration of the loan. You can also set the frequency at which you pay these fees; weekly, fortnightly, or monthly.

Repayment Frequency: This is where you choose the frequency of your mortgage repayments; weekly, fortnightly, or monthly. 

Once all of that is calculated, you will receive your estimated amount below. These include:

Monthly Repayment: The amount required to pay off your home loan.

Total Interest/Fee Payable: How much you interest and charges you would be required to pay in total across your term. Due to the fluctuating nature of interest rates and depending on the type of home loan, it is important to revisit the Home Loan Repayment Calculator if these, or your financial situation, changes.  

Total Payments: The total amount of mortgage repayments required, including interest and fees. This is the greatest amount and will provide you the best incentive for the rate at which you wish to pay off your loan. 

Loan Balance Chart: To the right of the calculator, you will find a helpful chart that illustrates your loan balance against your home loan repayments. 

MyChoice Home Loans

By using this calculator, you will better understand how your home repayments will work in the future. If you have any questions about our calculator and would like to speak with our MyChoice Home Loans consultants or building with Brighton Homes in the future, please feel free to reach out and contact us.