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Mortgage calculator

Posted in Calculators

This is a powerful mortgage calculator, although if you are new to on-line calculators you may wish to start with something a bit more basic. Try here »  On some browsers, this full page may take a moment to load. We also recommend you turn off any pop-up blocker before using this page.

There are two identical calculators here, allowing you to compare one scenario with another.

READ THIS FIRST. Start with deciding what you want to know, and clicking the corresponding 'radio button' ¤ – this tells the calculator what answer you are looking for, and the result is displayed in the box next to that button. You can only solve for one attribute at a time.

31 Comments

hi there, seems something

hi there,
seems something wrong with the calculator.

eg.
option1 is 290K over 4.44 years @ 7.2 % paid in arrears weekly = $1468
option2 is 290K over 4.44 years @ 7.2 % paid in arrears monthly = $6375
1468*4= $5872.00

$6375 - $5872.00 = $503/month difference

as per the calcualtor, if I am paying monthly then i am paying $503.00 more/month than if I paid weekly and that doesn't seem to make sense. the overall difference on both options over the term is $663.
Can you please fix it?

thanks

Your comments are correct but

Your comments are correct but you need to also consider that 1468 * 4 weeks = $xxxx. 4 weeks x 12 months only equates to 48 weeks in the year where as we actually have 52 weeks in the year creating a variance of 4 weeks. To account for this, bank would use a calculation along the lines of: 1468 * 4.3 weeks = $xxxx. Hope that helps. Cheers

There are 52 weeks in a year

There are 52 weeks in a year and 12 months in a year you have based your calculations on a 48 week year ie 12 x 4 = 48 . I think you will find the extra 4 weeks spread over 12 monthly payments account for you diference!

Just use this

Just use this one: http://www.loancalc.co.nz

There's 52.14 weeks in a

There's 52.14 weeks in a year.

Bank rates not being

Bank rates not being populated in the popup. Have tried on 2 x machines in FF and IE

hi, not sure how easy this

hi,

not sure how easy this would be, but since most mortgages have a fixed rate for x amount of years it would be great to see what the balance is at the end of the fixed period. e.g. take a $300k mortgage @ 6.5% fixed for 3 years say, the balance at the end of 3 years is then $xxx.

hi, a amortization schedule

hi, a amortization schedule calculator will help to do this. They are great, a bit of an eye opener, just do a search,. Hope this helps.

Bank rates are not appearing

Bank rates are not appearing on the calculators ???????

I find whenever calculating

I find whenever calculating mortgages or any interest, if you x the monthly pmt by 12 then devide by 52 to get weekly, its the most reliable way.

I'm trying to find a

I'm trying to find a calculator that will tell me how much the weekly/fortnightly/monthly payment is broken up into interest and principal. Any plans to give more detail on the payments?

Someone has borrowed my HP

Someone has borrowed my HP Business caculator. I have heard some people find the vertex 42 website very good.

The bank data in the matrix

The bank data in the matrix isn't being populated . . this has been an issue for a few weeks now. Any idea when it will be resolved? Thanks

The mortgage calculator has

The mortgage calculator has now been 'fixed' so that the interest rates populate from the GET RATES tool.

Hi There, Can you please put

Hi There,

Can you please put up an option to select an interest only loan so that the monthly repayment amount calculates accordingly. Cheers.

if you make the balloon

if you make the balloon payment amount the same as the initial loan then this gives you the results of an interest only mortgage

Ranui

Ranui

I can't seem to change the

I can't seem to change the monthly to weekly, or click on the radio buttons.

I can't seem to make the rent

I can't seem to make the rent cover the mortgage. 

LOL! Love it.

LOL! Love it.

I've been using this

I've been using this calculator for a few years now; it really helped me compare figures the last time I renewed my mortgage and took out a loan- knowledge is power! This web site has saved me literally thousands of dollars just through being able to easily crunch the numbers. It also helped me persuade my spouse to pay the loans off faster...nothing like seeing the bottom line to sway an argument in your favour! Having the calculators side by side for comparison of scenarios is great.

Thanks for the terrific tool!

Great tool thanks. Though can

Great tool thanks. Though can anyone explain why a 10000 loan at 7%pa for one year, which should cost $7000, only costs $3675 using this calc?

Barnsburnt, I assume you mean

Barnsburnt, I assume you mean $100,000 and not $10,000 !

This calculator is for 'principal and interest' loans, not 'interest only'. 'Interest only' is a simple calculation that can be done on any calculator or indeed in your head!

The reason it is only $3675 in interest is because interest is calculated daily on the balance of your loan. You have selected a 1 year term with fortnightly payments, which means you will pay off the loan in 1 year (well done!).

Your fortnightly payments will be $3,987.51 with your first fortnight being $3,718.28 principal and $269.23 interest. Your last fortnight will be made up of $3,976.90 principal and only $10.71 in interest, with a grand total of $3,675.26 interest paid in the year.

Cheers

Interest only  = Amount

Interest only  = Amount borrowed x interest rate divided by 365 x 31or,30 or,28 however many days in the month.

eg $100000 x 6.15% = 615000 divided by 365 = 1684,9315 x 31 = $522.32 per 31 day month.

How can i calculate the

How can i calculate the following?

i paid interest only for the last 3 years , say for the sake of this question it was 100,000

and i have a debt " mortgage" of 400,000 and now i am switching into  principal+interest, how can i claculate my repayments, or is this option not possible with the above calculators?

Thank you

You can make this calculator

You can make this calculator work for 'interest only' by setting the Balloon payment to the same amount as the original Loan amount.

If you are switching from an interest-only version to P+I, then this calculator should work just fine. The interest-only period becomes irrelevant, as you paid down no principal over this time. Just set your starting principal to the Loan amount ($400,000 ?), and choose your Term and Interest rate.

Hi there, Can you please

Hi there,

Can you please show me how you calculate Straight line repayment? Say, principal is $132K, interest is 6.2%, monthly payment is $1200. How many years will it take me to pay off the mortgage?

Thank you

Select Loan Term as the radio

Select Loan Term as the radio box

Now put in principal amount, Interest rate, and repayment amount.

I'm getting 13.65 years.

Hi there, just wondering if

Hi there, just wondering if you have an iPad app for all your calculators - would be really handy.... Thanks and really love the tools you've made available for users.

Thanks all.

Small niggle.  Why does your

Small niggle.  Why does your mortgage calculator calculates terms as ie "12.21" years.  What does that mean in months and weeks.  Is it a % of 12 months or is 12 years 2 months & 1 week.  Why not calculate in years and weeks? Thanks.

I find the this home loan

I find the this home loan calculator to be much more useful, as it provides much more feedback and has more advanced options.