Price and deposit
The amount you borrow is the property price minus your down payment. Set aside cash for other purchase costs as well; these are not included in the calculation.
RAMRE / MORTGAGE PLANNING
Plan the payment. See the bigger picture.
Explore how price, deposit, interest rate and term change an illustrative monthly payment, then prepare for a conversation with a lender.
Estimate your payment ↓
UNDERSTAND YOUR ESTIMATE
Four inputs. One planning conversation.
The calculator estimates equal monthly principal-and-interest payments on a repayment loan using a constant annual interest rate. Its prefilled numbers are examples, not a lender quote or a statement of your eligibility.
Rate and term
A higher interest rate increases the monthly payment. A longer term generally lowers that payment while increasing total interest, if all other inputs stay the same.
Affordability
Compare the estimate with your income, existing commitments and normal living costs. Leave room for maintenance, rate changes and unexpected expenses.
PLAN THE COMPLETE PURCHASE
Your deposit is only one part of the budget.
Ask for a written breakdown of the costs relevant to your transaction and lender. Fees, insurance requirements and the cash needed at completion depend on the property and financing arrangement.
- At purchase: deposit, applicable registration and trustee charges, agreed brokerage fees and any developer-related completion charges.
- For the finance: valuation, arrangement and mortgage-related charges, plus any insurance required by the lender.
- During ownership: loan payments, service charges, maintenance, utilities and insurance as applicable.
- If your plans change: check the lender's terms for early repayment, refinancing, partial repayments and selling the mortgaged property.
BEFORE YOU CHOOSE A LENDER
Questions worth asking.
How long is the rate fixed?
Understand the initial rate, how a later variable rate would be set and when it resets. Try different rates in the calculator to see how your monthly commitment might change.
What is the complete cost?
Request the lender's current Key Facts Statement and fee schedule. Compare interest, relevant fees, required products and the conditions attached to any promotional offer.
What does an approval cover?
Ask about the approval's validity, required documents and conditions still to be met, including valuation and property checks. A calculator result is not an approval.
How much cash is needed?
Confirm the accepted property value, loan amount and your contribution. A valuation below the agreed purchase price can change the amount you need to fund yourself.
A SENSIBLE NEXT STEP
Prepare for a financing discussion.
Keep your preferred purchase range, available deposit, income details, existing financial commitments and property shortlist ready. A lender will confirm the documents it requires and whether a product is suitable for your situation.
The estimate excludes fees, insurance, charges and future rate changes. Confirm the actual repayment schedule and complete cost with the lender before proceeding.
YOUR NEXT MOVE
Find a property that fits your plan.
Use your estimate as a starting point, then discuss your property requirements with RAMRE and your financing options with a lender.