We partnered with Lendi* to help you compare home loans from over 25 lenders and over 2,500 home loan products.
The iSelect Mortgage Calculator (or home loan calculator) is a super useful tool for anyone trying to get their head around how much a home loan will cost. Home loans can be a bit confusing, but essentially this calculator breaks down the important bits of info to give you an indication of what your ongoing repayments might be, as well as the total interest you’ll pay. If you understand how your repayments work, you’ll be able to decide on a budget and plan for the future.
The Mortgage Calculator is simple to use. You just need to enter the following bits of information and it does the rest for you. We’ve broken it down into steps, but you can really fill in the pieces of info in whatever order.
First up, enter the amount you want to borrow. You can adjust the amount from $10K to $2M.
Then select a loan type from a drop-down menu, with the following options:
Next, you need to decide on how many years you’ll want to take to repay your loan. A shorter loan term generally means you’ll pay less in interest, but higher repayments. A longer loan term means the opposite; more interest and lower repayments. Most people aim to get the shortest loan term they can afford.
The interest rate will default based on the loan type you selected. But you can also increase or decrease the amount to see how a drop or rise in interest can affect your repayments. You’ll notice that even the smallest change in rates can have a big impact on the amount you pay over the life of your loan.
Next up, you need to select the repayment frequency. Generally, you have the choice of paying weekly, fortnightly or monthly.
And last but not least, the repayment type. When deciding on a home loan you have two types to choose from:
Once you’ve filled in all the required info, the Mortgage Calculator will tell you what your ongoing repayments might be, as well as the total interest payable on your home loan. Remember these results are just an estimate, but they should give you a pretty good idea of what to expect.
If you click on the graph icon, you’ll see a breakdown of your repayments over the course of the term. One line on the graph indicates the principal remaining each year, and the other line includes interest charges to represent the total amount left to pay on the loan.
If you click on the list icon, you’ll see a yearly breakdown of this information, with a table showing the interest charged per annum, the principal remaining, and the total amount owing.
Well, you’re in the right place. At iSelect we’ve partnered with Lendi* to help you compare over 2,500 home loan products from over 35 lenders. Click here to start comparing home loans, or give Lendi a call on 1300 186 260 between 8:30 am-6:30 pm!
Last updated: 30/04/2021