The home loan repayment calculator can be a useful tool to help you work out the monthly repayments you should expect to have to budget for when purchasing a home. You can change the loan amount and also the interest rate and the home loan term if you want to see how this will affect the monthly repayments. It may be that a longer mortgage term will bring down the interest rate, and that this means you can borrow a little more to get the right property.
It's recommended that you speak to an expert to work out which deal is the right one for you, bearing in mind that a home loan is one of the more significant financial commitments many of us will make in our lives. An experienced mortgage adviser will be able to talk you through the deals that are available in the marketplace, and help you to match up the deals with your financial circumstances. For example, if your pay fluctuates because you work on commission or you get an annual bonus, you may find that a flexible rate mortgage is the best option for you. Conversely, if you have a steady income and feel comfortable knowing exactly how much you will be spending each month on your home loan repayments for the foreseeable future, a fixed rate mortgage may be more appropriate. Use the home loan repayment calculator as a starting point for your research, and then get in touch with an adviser through the SimplyFinance website to find a deal that suits your home loan requirements.