Calculating mortgage for properties in Australia has now become a very easy aspect as here we bring to you one simple process that is calculator on mortgage. This calculator helps you to calculate mortgage in Australia while it is mandatory for you to enter a few values in order to get to know exact mortgage amount. Moreover you have knowledge of how much amount can you borrow from either financial institution or a bank. You now continue reading this article on Australian mortgage calculator to find out formula to calculate mortgage manually.
Understand meaning of mortgage
Mortgage in simple terms means that you are given some amount in lieu of property or house or other sort of real estate. Further here this property or real estate becomes guarantee that you will be paying mortgage loan amount to lender in certain duration.
Eligibility formortgage loan amount
You should cross – check eligibility criteria rules so that it becomes easy for you to get mortgage in Australia. In case you wish to know how much mortgage can you get and how much principal, mortgage monthly payment and rate of interest you pay, you continue reading this article –
Below you find one mortgage calculator for Australia.You can also see steps to use this calculator.
How to use Australian mortgage calculator
- You first enter mortgage amount
- This amount is usually in Australian dollars
- Next you enter duration
- Further you enter rate of interest
- Once you enter these details you click on ‘calculate’ tab
As soon as you click on calculate you have the answer on the screen. However you also remember that this Australian mortgage calculator is only guide to your calculation. It is so because real calculation would depend on the bank you are taking mortgage from and that particular (time of) interest rate.
But when you use this calculator you will have idea of how much is mortgage amount and the rest of the details. Hence it is a simple form to know answer to your questions.
Also know how to use Canadian provincial sales tax calculator in simple manner.
Points to remember
When any financial institution gives you loan then though name of property is in your name still for some time (that is till you pay all loan dues) property remains to be in custody of financial institution. However many people still prefer to go ahead with mortgage as it gives them some kind of security that they have property of their own.
While in some time they can clear dues and name this property to their name, (take full control of property). Financial institutions come up with many plans so that it is not a burden on people when it comes to repaying mortgage amount.
Formula to calculate mortgage
Apart from above stated things there is formula which you use to calculate mortgage. This formula is a simple formula and it helps you in calculating mortgage manually.
How to calculate mortgage manually
As you can see that you use this formula to calculate mortgage in Australia and in this formula M means that it is monthly mortgage payments. However P is the principal amount, r = rate or rate of interest or interest rate. Moreover as you observe this formula there is n; here n stands for total number of payments.
So when you use this formula then also you calculate mortgage in Australia or you may simply use mortgage calculator for Australia to know the answers. On other hand you can have idea of GST calculation in Australia with the help of another Australian GST online calculator.