Similar to a loan comparison calculator, a switching mortgage calculator gives a rough idea of possible savings associated with switching your current home loan for a new one. This tool is useful when you make a comparison between two home loans on face value and may give you an indication of chances of securing a cost-efficient deal for your mortgage. Make sure the information you are entering in the calculator is accurate.
How do You Use a Mortgage Switching Calculator?
All you need to do is enter details of your current loan details (including amount, term, rate, regular fees, repayment frequency, and end fee), and then enter the introductory term and new loan’s rate, ongoing rate and any fees. The result through this calculator will offer a comparison between not switching, switching, and the financial impact of both. The calculator will help you know how much you will pay in terms of fees and interest if you:
Use your existing home loan
Switch from a higher interest rate to a lower interest rate and make smaller repayments
Switch to a lower interest rate while making your current higher repayments
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