RAMS Home Loan Repayments Calculator can help you see how much you could pay each week, fortnight or month; and over the life of your loan. You can also compare different scenarios and find the option that fits your needs.
Home loan repayments are based on the borrowing amount, home loan duration, interest rate and repayment type (Principal and Interest or Interest Only).
Do you wish to calculate how much your home loan repayments would be? Our handy tool can help! For best results, fill in the desired loan amount (including interest rate and home loan duration) and your repayment type to estimate what your minimum repayments would be per week, fortnight or month.
Not sure about which repayment type to choose for your home loan? Our dedicated calculator can help you visualise the difference between standard Principal and Interest repayments, and a home loan including an initial Interest Only repayments period – and what it means for you.
Specify your preferred Interest Only repayments period duration (one to five years), and the tool calculates what your repayments (first Interest Only; then Principal and Interest) would be for the life of your loan term.
The interest rate that appears when you open the calculator is the current RAMS Essential Home Loan for principal and interest repayments for owner occupiers, as indicated on rams.com.au/all-rates, and is subject to change. When assessing ability to service a loan, we may use an interest rate that is higher than the current interest rate for the loan requested. The output of each calculator is subject to the assumptions provided under each calculator, which are also subject to change.This calculator estimates your monthly principal and interest or interest only loan repayments (but does not include monthly or annual service fees). You can adjust the variables within the calculator. For example, you can see how increasing your repayment amount could impact on the estimated interest payment and loan term. If you change any of the information, including the amount borrowed or the interest rate, you will obtain a different result. These calculations do not constitute an offer of credit or a quote and are only an estimate of what you may be able to borrow based on the accuracy of the information provided. You should not rely on it. The actual amount you can borrow, and the applicable loan repayments, can only be determined once you submit a full application to us and we assess your application using our credit criteria applicable at that time. These estimates are indicative only and actual costs and the amount you could borrow may vary based on a number of factors including loan purpose and repayment type (principal and interest or interest only). Before acting on the results of this calculator you should seek professional advice and contact your local RAMS Home Loan Specialist.
Whether buying a new home, refinancing an existing home loan or investing in property, RAMS mortgage calculators can give you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you'll be paying. Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget, you'll start to see whether you can realistically afford the home you want to buy. Your local RAMS franchisee can also help guide you through this process.
Whether buying your own home or an investment property, your ability to do so will largely depend on affordability. Having an honest look at your current salary, debts and expenses will assist in establishing your borrowing power - which is the estimated amount your home loan lender might lend you, based on your current circumstances.
An offset account is an everyday deposit account which is linked to your variable rate home loan: the money you hold in this offset account can reduce the amount of interest payable on your home loan. Additionally, the offset account acts as an everyday account and you can access your funds anytime.
Fees and costs when buying a house are not limited to the agreed property price. Government fees, Lenders Mortgage Insurance (where applicable), council rates and utilities all add up. That’s on top of upfront costs such as conveyancing fees, property inspections and removal costs.
Paying a little bit extra on your home loan from time to time could make a big difference in the end: if you don’t withdraw those additional amounts from your loan account, not only will the loan be paid back quicker, but it also reduces overall interest paid.