Thursday, March 16, 2017

How big a mortgage will rent payments cover?

The thought came to mind that if someone was renting a property, how much of a mortgage could a person have that they would cover by the rent payments.

I've now added a calculator to www.Mortgage-Repayment-Calculator.com.au where people can enter their rent payment and determine the mortgage the rent will pay for.

For example, say you're paying $400 per week to rent an apartment. If you take out a mortgage over 30 years, paying 5% interest, the rental amount of $400 per week will cover a mortgage of $323,110.

You can go direct to the calculator at http://www.mortgage-repayment-calculator.com.au/rent.php.

Kelvin Eldridge
www.Mortgage-Repayment-Calculator.com.au

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