Calculator to caulate a loan repayments ?

Discussion in 'Loans & Mortgage Brokers' started by zillah, 20th Feb, 2021.

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  1. zillah

    zillah Member

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    Dear Experts
    I am new to world of loan
    I bought a house 6 months ago and my loan with St.George on fixed rate with 2.24%,,,,,,
    balanced of borrowed amount is $366,000
    Obviously I know what is my fortnightly repayment.
    But curious to find out how the calculate repayments
    What online / or app can I use to cross check my fortnightly repayments ?
    Is this a generic calculator can used for any mortgage or a bank/lender specific one ?
    I used one I found it online but I couldn't get the exact amount to what I pay one !!!!
    Thx
     
    zillah, 20th Feb, 2021
    #1
  2. euro73

    euro73 Well-Known Member Business Member

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    Open your browser. Type “mortgage repayment calculator “ and hit enter
     
    euro73, 20th Feb, 2021
    #2
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  3. paulF

    paulF Well-Known Member

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    paulF, 20th Feb, 2021
    #3
  4. Lacrim

    Lacrim Well-Known Member

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    Lacrim, 20th Feb, 2021
    #4
  5. Beano

    Beano Well-Known Member

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    Played around with the calculator
    It's interesting how the credit card limit really affects the borrowing limits ...every dollar of limits seems to reduce the borrowing by $5
     
    Beano, 20th Feb, 2021
    #5
  6. Lacrim

    Lacrim Well-Known Member

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    For me, the takeaway with those calculators is the massive difference between IO and P&I, especially over a compressed loan term. If someone is coming off 10 yrs IO and unable to refi, it hurts bad!!!
     
    Lacrim, 20th Feb, 2021
    #6
  7. Beano

    Beano Well-Known Member

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    Can't imagine many people having a property loan outstanding for more than 10 to 12 years .
    Most people would have fully repaid their loans within 10-12 years.
     
    Beano, 20th Feb, 2021
    #7
  8. ShireBoy

    ShireBoy Well-Known Member

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    Excel has a function which you can use (PMT). It's a bit advanced to get all the arguments right, but it's always matched my repayments.

    Because other than fees, it should just be straightforward maths. What tricks a lot of people is that there isn't simply "52 weeks in a year" or "26 fortnights".
     
    ShireBoy, 21st Feb, 2021
    #8
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  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Ummm

    No :)

    When one borrows to near personal capacity and runs bank Hem models and using average incomes most folks are stuck for 20 to 25 years. The current low rates may change that, as does a lentils and rice vs Waygu and Shiraz lifestyle

    IP portfolio builders are even worse in part, because all excess cashflow goes to holding neg geared IPs

    An active debt recycling strategy may help many

    ta
    rolf
     
    Rolf Latham, 21st Feb, 2021
    #9
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  10. Beano

    Beano Well-Known Member

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    Hmmh must live on a different planet !
    Only the properties I brought in the last 7 years still have debt all the rest are fully paid off :eek:
     
    Beano, 21st Feb, 2021
    #10
  11. Shogun

    Shogun Well-Known Member

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    You buy a $600k home (which isn't much house in some areas of Australia).

    At $1000 a week just about 12 years to just repay capital. So even 30 years is a bit under $400.a week just for capital. So even at 2% a lot of people will take closer to 30 years to own a home. Time value of money might help but my salary hadn't changed much for over 10 years
     
    Shogun, 21st Feb, 2021
    #11
  12. zillah

    zillah Member

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    Thx all

    Learnt something new
     
    zillah, 21st Feb, 2021
    #12
  13. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Enter into a cell:

    =-PMT(<<interest rate>>/12, <<loan term in months>>, <<loan amount>>)

    <<interest rate>> is a percentage, ie 2.5%
    <<loan term in months>> 360 for 30 year loan, 300 for 25 year loan, etc
    <<loan amount>> the limit of the loan

    This will generate the monthly repayment. For fortnightly or weekly, divide this figure by 2 or 4.
     
    Peter_Tersteeg, 22nd Feb, 2021
    #13
  14. ShireBoy

    ShireBoy Well-Known Member

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    Yep. Not as complicated as I first remember. Looking back at my little spreadsheet, I see now that it was NPER that game me the most grief:
    How to use the Excel NPER function | Exceljet

    I was using that to calculate how much time I would save on my loan if I were to put extra repayments in.
     
    ShireBoy, 22nd Feb, 2021
    #14