Are Your Mortgage Repayments What They Thought
Mortgage repayment amounts are one of the most common questions when it comes to a property loan or home mortgage. Being able to accurately calculate your repayments is vital and very important to estimate your cash flow once you secure the investment loan.
You need the right figures to be able to set your budget so using a good loan repayment calculator is the fastest way to get some sums going.
You need to add up as many bills as possible so you don't find yourself short.
Here Is What to Put In A Loan Repayment Calculator
Credit card repayments (this debt could also be wrapped up in the new property loan)
Food and living expenses
Vehicle repayments and running expenses
Rates and water bills if these exist
Rent repayments if you don't currently own
Schooling fees for your children if applicable
Current home loan repayments for personal or investment debt
All your income should be tallied up also
Your personal income
Your shares dividends payments
Interest earned in savings accounts
Rental income if you own investment property
Once you have the expenses and income, whats left over when you subtract one from the other is your left over income, or the money left over to contribute to a new loan and its repayments.
A qualified mortgage broker can assist you in working all of this out and ensuring its all accurate down to the last dollar.
An experienced mortgage broker will have their own loan repayment calculator software which is sometimes linked straight to the banks calculators.
Contact us if you need help in applying and sourcing your next home loan in Australia