Those investors considering splitting their loan agreements to allocate a portion of the loan amount to attract both a fixed rate and a variable rate can make use of the Smart Property Investment's split loan calculator to determine and estimate the approximate amount of fixed and variable rate portions in your split loan.
You would also be able to determine the amouhnt of fixed monthly repayments needed compared to variable monthly repayments, as well as the total interest payable.
The total value of the loan applied for in a loan agreement.
The percentage of loan amount to be apportioned to a fixed interest rate.
The number of month or years wherein the amount of loan is to be under a fixed interest rate.
Fixed Interest Rate
The fixed percentage of a loan amount where during a specific number of months or years, the interest rate does not fluctuate or does not increase or decrease.
Variable Interest Rate
The variable percentage of a loan amount where the loan or security's interest rate fluctuates over a period of time based on current benchmark or index rates.
The number of years needed to repay the loan, as indicated in the loan agreement.
The schedule in which repayment is made, whether the loan is paid every monthly, fortnightly, or on a weekly basis.
The amount of monthly repayment to be made to satisfy a loan agreement, based on the portion of the loan split to be based on fixed interest rates.
The amount of monthly repayment to be made to satisfy a loan agreement, based on the portion of the loan split to be based on variable interest rates.
Total Monthly Repayment
The total amount of monthly repayments to be made, adding the fixed repayment and variable repayment values.
Total Interest Payable
The total amount of interest payable to satisfy the loan agreement.
Total Interest Payable if loan was at a Variable Rate
The approximate total amount of interest payable that satisfies the loan agreement, to which a variable interest rate is applied.
The information provided by the split loan calculator is intended to provide examples based on stated assumptions and inputs entered and are meant as estimates. It is advised that you consult with your mortgage broker about your specific circumstances, as well as figuring out if there are any other split loan features that could affect total payable values.