FindaHomeLoan.co, the online housing loan comparison portal in Singapore, launched a new online tool, the What If calculator that lets users assess the impact on monthly installments depending on the 2 sets of interest rates.
The “What-If Home Loan Calculator” allows users to input 2 sets of interest rates from year 1 to 3, and it calculates the monthly installments, differences in installments and interests payable.
This tool is free-to-use by the members of public. It can be used for many scenarios, such as:
- compare installments and interests based on interest rates of 2 home loans
- consider the impact of cash flow if interest rates move in the future or next 3 years
- for refinancing customers, you can use this to compare the best mortgage with a reprice package offered by your current bank
- compare the differences between fixed and variable home loans interest rates
- estimate your HDB home loan affordability based on 3% interest rate for all years and calculate if the monthly installment exceed 30% of your monthly income. This is a very important metric due to the 30% Mortgage Servicing Ratio guideline introduced in January 2013
“We designed this tool, with the interests of the general public and visitors to our portal. We understand that some prefer to compare and calculate based on “what-if” scenarios. This calculator is the perfect tool in empowering you to do so at your leisure.” says company founder Sean Lim.
Sean also pointed out that this tool is the first to launch in Singapore and hinted that more tools are in the pipeline.
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