Extra Repayment Calculator
Work out how much faster you could pay off your loan with additional payments.
Our Extra Repayment Calculator works out how much you could be saving by making extra repayments towards your mortgage.
Loan Repayment Calculator
Learn More about Home Financing with Our Loan Repayment Calculator
At Direct Credit, our loan repayment calculator is designed to help you understand your home loan (or prospective home loan) from more angles. Often, the most significant focus for would-be homebuyers is getting the home loan. Understanding how loan repayment will affect your long-term finances is a lower priority. Using our calculator helps you consider things more thoroughly.
The Information You Will Need to Use the Loan Repayment Calculator
When you use Direct Credit’s monthly loan repayment calculator, you will need to provide several details about your loan to get usable results. These data points include:
- Loan amount: How much money are you seeking from the lender?
- Interest rate: What interest rate has the lender offered for your loan?
- Loan term: Different home loans come with different repayment terms. Is it ten years? 15? 30? Input that number here.
- Loan fee: Would your loan terms come with any additional fees, such as Lender’s Mortgage Insurance? If so, are you paying those fees monthly, fortnightly or weekly?
- Repayment frequency: Most buyers set up their home loans for monthly payments, but you might choose to pay weekly or fortnightly. Include that information here.
Being as specific and exact with these details as possible will improve the effectiveness of the calculator. Even you are just doing some research to find out whether buying a home is affordable for you right now; it is still a good idea to speak with a lender to find out about the kind of loan for which you might qualify. Direct Credit would be happy to help on this front.
Other Loan Calculators That Direct Credit Offers
The loan repayment calculator is just one of the financing-related calculators that we offer at Direct Credit. Indeed, to get an even more detailed sense of your loan terms, your repayment timeline and the financial implications of shouldering a home loan, you might also use one of these calculators:
- The additional loan repayment calculator: If you have the cash, making extra payments on your mortgage loan can help you build equity faster and rid yourself of monthly payments sooner. Our extra repayment calculator is set up to help you determine how much faster you can pay off your loan if you commit to making additional payments.
- The loan comparison calculator: Are you considering multiple loan options from several different lenders? Rather than enter that information separately into our standard monthly loan repayment calculator, use our loan comparison calculator to get quicker and more direct comparisons between two financing options.
- The property selling cost calculator: Largely, selling your property is something that is going to net you a substantial chunk of change. However, there are also costs involved in this process, from agent commissions to advertising to fees. Our property selling cost calculator will help you work out these costs before you sell, potentially making it easier to budget for a new property purchase.
About Direct Credit
Direct Credit has been in business since 1999, serving as a non-bank alternative for home and commercial loans. Feel free to use our calculators whenever you please, and reach out to us if you have any specific questions about the loans we offer.
