A Must-Have Tool: Direct Credit’s Home Loan Repayment Calculator
If you’re thinking about buying a house and shouldering a mortgage loan, you need to use Direct Credit’s home loan repayment calculator. Buying a home affords you many benefits that you can’t get from renting or leasing, from the ability to build equity to the simple pleasure of having a place to call your own. However, it can also prove to be a difficult financial burden to bear if you don’t plan. Our repayment calculator at Direct Credit helps you do just that.
The Benefits of Using Our Home Loan Repayment Calculator
There are many reasons to use the Direct Credit home loan repayment calculator before committing to financing for buying a home. Some of the top benefits include:
- It helps you understand the financial implications of a home loan: When you sign on for a home loan, you are committing to a monthly repayment schedule that will last the length of the loan term. In many cases, that can mean decades of payments. Understanding how much you will be paying each month is essential, as is seeing just how much you will pay in pure interest throughout the loan period. If you don’t like the numbers you are seeing or are worried that would push you and your family into a financially untenable situation, you should either seek a different loan option, look at buying a cheaper house or put off the purchase and give yourself some time to save.
- It helps you see how different factors of the loan affect repayment: How much money are you putting down, versus the size of your loan? Are you putting yourself in a situation where you will be paying Lender’s Mortgage Insurance or other fees? What is your interest rate? What difference would it make if you choose a 15-year loan term instead of a 30-year? Our calculator makes it easy to determine precisely how each of these variables can affect your loan repayments.
Ultimately, inputting loan details into the home loan repayment calculator and watching the outcomes will help you understand your loan much more thoroughly than you would just from looking at it on paper.
Learn Even More with Our Home Loan Extra Repayment Calculator
Direct Credit also has a home loan extra repayment calculator, which can tell you even more about your loan and repayment schedule. This calculator is useful if:
- You already have a home loan: Say you have a home loan in place that you have already been making payments on for a few years. If you have the cash to make extra payments, use our home loan additional repayment calculator. This tool can help you find out how much more quickly you could pay off your loan by making those extra payments. It also shows you how much money you could save in interest by paying off your mortgage faster. These details can help you decide whether to initiate an additional payment strategy or to put that extra cash to other uses.
- You foresee a time when you could make extra payments: At Direct Credit, we often work with self-employed individuals, who maybe have less stable or consistent income than other loan candidates. If you are self-employed, you might take on a loan with a more conservative monthly payment right now, with plans to make extra payments when you can. Our calculator can help you envision that possibility.
Why Trust Direct Credit and Our Home Loan Repayment Calculators?
Direct Credit is a business with 20 years of loan financing experience in both home and commercial sectors. Our calculators are tools grounded in our experience and knowledge and meant for the benefit of all. To learn more about our business, contact us today.