## Using a home loan calculator will help you make the best financial decision

Before you
start looking for the right **home loan**, you should seriously consider planning
ahead. This can start with finding out:

>>
How much your repayments would be on a **home loan**

>>
How much you might be able to borrow; and

>>
Where your money is going.

__Different
Home Loan Calculators are useful at Different Stages__

Here is a
list of home loan **calculators** you can use to better manage your financial
situation and cash flow:

**Calculate
your Borrowing Power **

You can use this **calculator** to give you a good estimate of how much you
may be able to borrow.

**Loan
Repayment Calculator**

By choosing between monthly, fortnightly or weekly payment
frequencies, you can **calculate** what your regular minimum repayments will be on
your home loan.

**Budget
Planner Calculator**

Using
a Budget **Planner calculator** will enable you to plan where you want your money
to go and more importantly you will be able to determine straight away:

1. If you
have any money left over (i.e. you have a Surplus), or

2. If you
are spending more than you are earning (i.e. you have a Deficit).

**Extra
Repayments Calculator**

This easy-to-use **calculator** will enable you to quickly calculate:

1. How long
it will take for you to pay off your home** loan** if you made extra repayments;

2. How much
money you can save by making extra repayments; or

3. How much
you can save on your **home loan** by making large lump sum payments (i.e. from a
windfall or inheritance, etc.

**Income
Annualisation** **Calculator **

There are often situations when you may need to perform income
annualisation calculations on income that has been accruing for less than a
full year. In situations like this, the Income Annualisation calculator will
enable you to **estimate** your Year-to-Date (YTD) Total Income for the full year.

**Loan to
Value Ratio (LVR) Calculator **

The LVR calculator allows you to calculate the
percentage value of the loan amount to the value of your property. You can
obtain the Loan to Value Ratio by simply typing in the following amounts:

1. Your
loan amount; and

2. Your
property value.

Other
calculators available for you to use are:

**Stamp
Duty Calculator**

This calculator will work out how much stamp duty you will need to pay.

**Income
Tax Calculator**

This calculator will calculate your after-tax income (i.e. your net income). It
will help you to know:

1. How much
of your net income you can allocate towards buying a property.

By having a
look at these calculators, you will notice that most of them will only require
you to type in a few numbers such as:

1. How much
your mortgage is;

2. The
nominated interest rate; and

3. The
nominated loan term (in years).

The
"borrowing power" calculator and the "income tax"
calculator will require you the following things:

1. Your
income; and

2. Your
current expenses (i.e. your monthly loan repayment expenses and your credit
card limits).

So, now you
know what types of** calculators** are available to you, you should consider taking
some time out before you start looking for the right home loan.

Some loans pay the cost of building a barndominium, which then automatically become a mortgage when it is completed. Getting barndominium loans to finance approved might be a challenge. However, you may speak with Rae Drake at Cardinal Financial Company if you wish to get approved for this loan.

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