Total Cost of Home Loan Calculator

How much will a mortgage cost me

To answer this simply, a lot. Hundreds of thousands of dollars usually. Home loans cost much more than just the purchase price of the property. You’ll also need to pay:

• Interest on the loan

• Upfront home loan and property buying fees

• Ongoing home loan fees

Our home loan total cost calculator can help you work out how much a mortgage will really cost you.

Home loan total cost calculator

To use the Savings.com.au mortgage cost calculator, firstly enter:

• The purchase price of the home you are seeking a loan for

• Your deposit

Next, indicate whether you are a first-home buyer. The calculator will apply concessions and discounts extended to first-home buyers in the various Australian states and territories.

Then, enter:

• The property type

• The purpose of the property (whether you plan to live in it or rent it out)

• Which state the property is situated in

Next, enter:

• The loan term

• The interest rate

Finally, enter the home loan fees that apply to your loan. These include:

• The settlement fee

• The application fee

• The discharge fee

• Ongoing monthly fees

These fees apply to many home loans but leave out any that don’t apply to your loan. As well as giving you the total cost of your home loan, the calculator will break down the figure. That way you’ll have a good idea of where the costs lie and what difference concessions, if any, can make to your total loan.

Should I use the comparison rate?

To give borrowers some idea of the effect of fees and charges on their loan, lenders are also required to state a loan’s comparison rate* alongside its advertised interest rate. The comparison rate* bundles the fees and charges a borrower will pay and expresses it as a percentage figure. If you use the comparison rate*, you don’t need to add in the fees and charges that will apply to your loan. However…

While the comparison rate gives a more accurate figure of the cost of a home loan than the advertised rate, bear in mind, the * that accompanies a comparison rate* figure discloses that comparison rates are set for loans of $150,000 over a 25 year period. It is highly likely you will be borrowing a far higher amount than $150,000 and your loan term may not be 25 years. The comparison rate* also doesn’t cover all fees and charges involved with taking out a loan. For a more accurate picture tailored to your particular loan, use the advertised interest rate and enter the fees and charges separately.