New Interest Only Mortgage Calculator Launched
Property investment company, Opes Partners has just released a new property investment calculator. The Interest Only Mortgage Calculator allow property investors to see what their payments would be on their interest only mortgages.
Opes Partners Managing Director, Andrew Nicol, says "interest only mortgages are important because they decrease the amount a property investor has to contribute to their property each week. For instance, the difference between an interest only mortgage and a standard table mortgage might be $200 per week."
He continues, "although having an interest only mortgage does mean that the principal debt never gets paid down, if interest only mortgages didn't exist fewer properties would come onto the market. That's because for the same cash contribution each week, investors can invest in an extra 2 properties."
"This means that more supply is able to come on to the market, limiting house price inflation and giving additional options to renters."
Nicol is clear to say that "this version of the interest only mortgage calculator is the first version, not the forever version, and our intention is to clearly show the difference between a table mortgage and an interest only mortgage more clearly in the future."