Hi all,
I a web developer and wanted to create a site where you could just do some basic home loan calculations – back of the napkin kind of stuff, without being bombarded with all the other information that usually fills the bank and mortgage broker sites.
The result is http://www.homecalc.com.au
Despite being targeted towards Australians, maths is maths and can be equally applied anywhere. There are just 3 simple calculators – work out your repayments, how much you can afford, and how long your loan will take.
I was just wondering if this would be helpful to people here. Also I'm very interested in any comments or suggestions for the site, keeping in mind that I want to keep it as simple as possible – it's not intended to cover every situation and scenario.
Any suggestions would be greatly appreciated!
Hi inverse
Welcome aboard.
It doesn't really replace anything that's already out there on thousands of websites.
How are you calculating max borrowing? There's dozens of different lenders with different ways of of determining this – so the different between the least generous to the most generous lender can be quite large.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
Max borrowing (the loan size) is just the size of the loan at the particular interest rate that you would be able to pay off if you were paying the entered amount of repayments per month – its just using a formula which is the opposite of the repayment calculator. Instead of working out the repayment by supplying the loan size, it works out the loan size by supplying the repayment.
It calculates how much you can afford to pay off, it doesn't equate to how much the bank will actually lend you – that would depend on the bank's own rules and risk ratings etc..
It doesn't really replace anything that's already out there on thousands of websites.
Agree. There are a million websites which do this kind of thing, but most are plastered with all sorts of other information – I guess I wanted something simple and straightforward that just does one thing and one thing only.
Thanks guys, I have updated the page with a comment at the bottom to make it clearer.
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