Extra Repayment Calculator
Use a Home Loan Calculator
to Know How Much to Borrow
to Know How Much to Borrow
Like any other types of loans, home loans have interest rates and fees that may increase over time. As such, it’s crucial that you know how home loans work and how they are calculated to help you minimise any added fees.
To help our clients have a better grasp of the fees and costs involved, we recommend using our specially designed home loan calculator.
Why You Need a Home Loan Calculator Now
Getting a home loan helps would-be homeowners take ownership of their dream home even without having a bulk of the funds they need – yet. This incredibly helpful financial package, however, comes with interest rates and terms that one should be aware of. Before approaching lenders like banks, potential borrowers can use a home mortgage calculator know approximately how much money they can borrow and how big their deposit would need to get an approval.
This can be a difficult thing to measure without the assistance of experienced advisors. Fortunately, FinHub Solutions has advisors with years of experience in the industry to guide you on your homebuying journey.
Tips on Becoming Debt-Free Faster
Home loan payments are scheduled weekly, monthly, or every fortnight. Based on the set schedule, there is a minimum repayment required to meet the terms of the home loan.
Most borrowers will follow these payments according to schedule, paying the exact amount needed for the repayment. If you are looking to save time and interest in home loan repayments, we recommend two ways:
Increase your repayment amount.
There is a minimum amount that a borrower should pay to meet the requirements of the home loan agreement, but there’s nothing that prevents homeowners from paying more than the repayment minimum.
If they have the capacity, homeowners with existing loans should try to pay more than their minimum repayment amount every repayment day. By doing so, they would be able to finish their home loans faster and save money on interest in the long run.
Increase your repayment frequency.
Another way to become debt-free quicker is by making repayments more often than what’s laid out in the terms. For example, if the home loan term provides for monthly repayments, the borrower can make repayments twice a month instead.
With this strategy, not only will homeowners be able to pay off their loans faster, but they would also be able to save on the interests that could build up over the years. Check out FinHub Solutions’ Extra Repayment Savings Mortgage Payment Calculator to see how much you can save when you increase your repayment amount and frequency of repayment.
How much can I borrow?
How much deposit do I need?
Let FinHub Solutions Help You with Your Home Loan
From new property loans to mortgage refinance, you have many options to choose from when it comes to dealing with home loans. To have a better grasp on home loans and how you can take advantage of mortgage refinance strategies, approaching specialists from FinHub Solutions is the way to go. Contact us now to know more about home loans!
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