ASIC releases interest-only mortgage calculator
The Australian Securities and Investments Commission has released a calculator to help potential investors work out three key factors behind an interest-only mortgage.
The interest-only mortgage calculator, available here, crunches the numbers behind the repayments before and after the interest-only period, the total cost of an interest-only mortgage and how much more you will pay with an interest-only mortgage compared to a principal and interest loan.
ASIC has also released a handy guide to interest-only loans for property investors available here, as well as a checklist for property investors considering interest-only payments for mortgages