Hi everyone,
If I bought my first home with the $7,000 grant and I believe I get stamp duty for free, and paid another $8,000, of my own money,(total $15,000), What would be the monthly repayment roughly on a house that is purchased for $250,000 with the current interet rates?
How do you work out the repayments anyway? Does some type of Excel spreadsheet exist that can help me calculate this?
Thanks for your help and time everyone, I deeply appreciate it.
If you will occupy this home, then it would be better to go with a Principal & Interest loan structure. if you finance $235000 your monthly loan payments will be around $1644 based on a rate of 6.89%.
Highly recommend going to http://www.jaffasoft.com which will give you all the above info.
Eric
Hi Tony,
You can also try the following website;
http://www.realestate.com.au/cgi-bin/rsearch?a=loan&t=res
It gives you opportunity to play around with all sorts of figures and permutations.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Most bank sites have there own calculators on there loan info pages, also in the links page on this site there is a few links to sites with calculators on them.
Hope that is helpful,
Cheers,collie
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