Before taking out a new home loan it’s important to understand all the costs involved in buying a house. It’s also interesting (and scary) see how much interest you’re actually paying! Use this home loan calculator to understand your monthly installment and see exactly what the principle and interest amount are each month. Take particular note of the first few periods as this will show the high interest paid at the start.
You can request that the detailed amortization report be emailed to you as a PDF. If you don’t receive a mail within minutes please check your spam folder. Email addresses are NOT stored and not used for anything else.
Note that this home loan calculator can also be used as a personal loan calculator or car finance calculator. Just add in the appropriate amounts; the maths it the same! The home loan calculator is for South Africa and is in Rands.
Take the home loan calculations further
If you are interested to learn how to do these calculations yourself and to make your own spreadsheet, then have a look at this short Udemy course on home loan calculations. This will help you understand the formulas involved and also empower you to accurately calculate the effects of extra payments towards your home loan.
Then, you may also like to read up on why I would rather pay my loan instead of investing. This is a personal decision which not everyone agrees with. That’s okay though. It’s good to educate yourself and make informed decisions.
Hope you find this home loan calculator useful. Let me know if you have queries about home loans or how interest works. I like to write about such topics and your questions may inspire a new post on the subject. Use the Contact form to get hold of me or find me on social media.
A super useful home loan calculator South Africa.