It’s wise to be prepared before you go shopping for a property. Know up front how much you can borrow, then you’ll not only save time, but know exactly what you can and can’t afford.

Instructions

1. Enter the Total Amount of the property value first (just numbers without the dollar sign).
2. Then enter the percentage for your Deposit (not the dollar amount). How much cash or equity in other property can you contribute? For example, if you have $25,000 saved up and you want to buy a property worth $500,000, then enter 5 in the Deposit field. Which represents 5% of the purchase price.  
3. Then enter the current Interest Rate from your preferred lender (just the number with decimal point, but no % sign). 
4. Next, enter the Loan Term. This is how long you want the loan to be. Shorter is better for you in the long term, but it means much bigger payments  each month. 25 – 30 years is common if you have plenty of time. But shorter is always best (if you can afford it)
5. Your monthly repayments will be shown at the top of the calculator 

Play around with the calculator until you find the repayments that are comfortable for you to manage each month. Take into consideration all your other expenses as well.