This is our basic monthly mortgage payment calculator with an amortization table included. It will quickly estimate the monthly payment based on the home price (less downpayment), the loan term and the interest rate and you can print and download the result.
The option to make higher repayments to pay off the loan faster.
To agree on the terms of an offer or a contract.
Account keeping fees are charged to cover or partially cover the lender's internal costs of administering the account.
The amount of loan interest that has already occurred but not yet due for payment.
The process of allocating expenses (Council rates, water rates) on settlement day that the seller has paid for but not used.
A person or body authorized to act on behalf of a client in the sale, purchase, or management of the property.
The period of time you have to repay a loan at the arranged terms.
Fees charged to cover or partially cover the lender's costs of processing a loan application for an applicant.
Money, property, or goods owned.
A statement of assets, liabilities, and net equity for an enterprise at a point in time.
A large loan repayment, typically towards the end of the loan term, to clear a debt.
A communication from one bank to another to advise on a customer's reliability or creditworthiness.
When a debtor who cannot pay their debts, has their financial affairs managed by a trustee in bankruptcy.
A short-term loan that covers the time gap between the purchase of a new property and the sale of an old property.
The monetary gain obtained when you sell an asset for more than you paid for it.
An agency that offers guidance and information to low-to-moderate income borrowers on the down payments, closing costs, and other conditions of their loans.
Zero down payment available to veterans residing in California.
A loan where the interest rate is not allowed to exceed a set level for a period of time but, unlike fixed-rate loans, is allowed to drop.
An entry made in a land registry or court to prevent a certain step is taken (e.g. the transfer of land) without notice to the person who lodged the caveat.
A document that details the title or ownership details of a property, and whether there are any encumbrances on the title. Not all States and Territories have Certificates of title.
A fee payable to a real estate agent, by the vendor, for the sale of property, or by a lender or client to a third party, such as a broker, for arranging a loan.
Interest that is paid on both the accumulated interest as well as on the original principal.
A legally bindable agreement between individuals or entities. In real estate, a contract is entered into when contracts are exchanged and the deposit is paid.
The most common type of home loan and usually the best interest rates. Mortgage terms can be either 15 or 30 years.
A person qualified and licensed to handle all documentation for the sale and/or purchase of a property.
Additional signature or signatures to verify the authority of the person signing.
A note of temporary property insurance before the implementation of a formal policy.
Borrowed money to be paid back under an arrangement with a lender. Also, a sum of money paid into an account.
The maximum amount a borrower can use at any one time.
A party to whom money is owed.
A written agreement outlining the terms and conditions for the purchase or sale of the property.
Interest calculated daily. It therefore varies according to the daily account balance.
An account entry to charge a withdrawal to a specified account.
Someone who owes money to someone else.
A legal document that states an agreement or obligation regarding a property.
The failure to meet a debt payment on a due date.
The money you pay in exchange for contracts as part of your initial contribution to the purchase of your home. This could be between 5 and 10% of the purchase price. You could also pay your deposit by way of a Deposit Bond, if acceptable to the vendor.
A deposit bond acts as a substitute for the cash deposit in between signing a contract and settlement and can be issued for all or part of the deposit amount required, up to 10% of the purchase price, if acceptable to the vendor. At settlement, the purchaser is required to pay the full purchase price including the deposit.
The various costs your solicitor or conveyancer has to pay to other organizations and bodies on your behalf, for example, search fees and stamp duty/ land tax. Your solicitor or conveyancer will itemize the disbursements on the invoice they send you.
The minimum amount of disposable cash the vendor must have to obtain a home loan. Upon completing the sales transaction, the borrower must provide this capital. The most common amount required is 10% of the loan amount. At E Mortgage Capital, our down payments go down as 3% or 3.5% except for VA loans (exclusive for veterans) which do not require a down payment.
The online transfer of funds from one account to another.
An outstanding liability or charge on a property.
The difference between the amount you owe on your home loan and the current value of your property.
The lender’s fees may or may not be charged to set up a loan.
The legal point of time when the vendor and purchaser swap documentation and start inquiries with a view to settlement.
First-time home loan available to most citizens. Borrowers only need a 3.5% upwards for the down payment.
An interest rate for a home loan, set for an agreed period.
The ratio of your own money and borrowed funds in an investment.
A promise made as bound by the terms of a contract.
A person or company that guarantees that promises made by the first party (the borrower) to the second party (lender) will be fulfilled, and assumes liability if the borrower fails to fulfill them (defaults). In case of a default, the guarantor must compensate the lender, and usually acquires an immediate right of action against the borrower for payments made under the guarantee.
Monthly payments for the maintenance of the common areas and amenities if you live in a joint association (example, block of flats or condominium association).
A refundable deposit demonstrating the goodwill of the buyer to proceed with the purchase.
A person or company that guarantees that promises made by the first party (the borrower) to the second party (lender) will be fulfilled, and assumes liability if the borrower fails to fulfill them (defaults). In case of a default, the guarantor must compensate the lender, and usually acquires an immediate right of action against the borrower for payments made under the guarantee.
