Smart Search Finance has an interest calculator as well as many other mortgage calculators that calculate mortgage interest repayments. Below is a list and links to some of the home loan interest calculators we have on the website.

Mortgage Repayment Calculator – Basic mortgage calculator that calculates monthly mortgage repayments, interest payments and total costs. Monthly, fortnightly, weekly and interest only repayments options available.

Interest Only Mortgage Calculator – Calculates the interest only for weekly, fortnightly and monthly repayments. Includes interest only period and total amount paid during the interest only period.

There are many other mortgage calculators on the website

Have you tried our mortgage offset calculator. This is a powerful tool that shows how extra repayments and money held in an offset account helps pay your mortgage quicker.

Here are a few examples;

1. Jim and Mary have a $300,000 loan over 30 years at an interest rate at 7% per annum. They place $10,000 in their offset account over the life of the loan and they save $63,043 in interest and take 3 years off their loan duration.

2. Tom has a $350,000 loan over 30 years at an interest rate at 7.25%. He pays $300 extra into his loan each month above the minimum repayments. Over the life of the loan he saves $165,257 on interest and reduces his loan term by  nearly 9 years

3. In the above example with Jim and Mary and they make extra repayments of $200 per month plus have $10,000 in their offset account they would save $153,056  on interest and pay out the loan in 21 years and 2 months.

To access this calculator and many other loan calculators at the mortgage calculator page or directly at the Mortgage Offset Calculator page

Australian online mortgage calculators can provide a good guide as to how much you can borrow. However,  you need to be realistic when using these calculators as they make various assumptions about your living expenses and lifestyle.

Here are some calculators to help you make a more accurate assessment of how much you can realistically borrow.

A budget calculator is an excellent resource to estimate your weekly, monthly and yearly costs. It basically works by inserting your expenses and the amount that you save each week or month plus rent paid is a good determinate of how much you can borrow.

Once you have worked out how much you can save each month you can use this figure to estimate how much you can borrow by using a borrow amount calculator. This will give you an estimate of how much mortgage providers are likely to lend to you. 

Please note that the amount you can borrow is only an estimate. Most lenders have different criteria when assessing each applicant and the amount you can borrow can vary significantly.

 The best way to find how much you can borrow from a number of lenders is employing the services of a mortgage broker.  They can save you time by submitting one application and work out how much you can realistically borrow from a number of lenders.

Have you tried our online mortgage calculators?

In developing Smart Search Finance, I thought that providing unique mortgage calculators that most other sites do not offer would be an excellent resource. We do have mortgage repayment calculators , extra repayment calculators and how much you can borrow calculators but this is where the similarity ends. 

Listed below are calculators that are found only on a few sites if not any.

100% offset mortgage calculator- shows the advantages of using an offset account. Calculates years and interest savings. You can also compare two loans side by side.

Comparison Rate Calculator – calculates the real cost of a loan based on the loan amount. It adds fees to the quoted interest rate to give a real or actual rate. You can compare two loans side by side and shows the total cost of the loan for each year up to 30 years. Our most popular loan comparison tool.

Refinance Calculator -  to be used after reading the refinancing home loan article, this calculator shows the actual cost of refinancing and how many months or years it will take to start benefiting from refinancing your loan.

Interest Only Mortgage Calculator – calculates interest only repayments. Shows total costs over the interest only period and monthly repayments.

Online Budget Calculator - this calculates how much you can afford to pay a home loan by taking into account all your expenses. We also have an excel version on the site.

Loan Affordability Calculator - to be used in conjuction with the budget calculator. You simply input what you realistically can afford to pay each month for a mortgage, the current interest rate and it calculates how much you can realistically borrow. This is a more accurate assessment than other calculators that make assumptions about your living expenses.

 If you would like us to develop other calculators to help with your mortgage search please contact us or leave a comment.