1. What is the ING Home Loan Calculator?

The ING Home Loan Calculator helps you estimate your monthly repayments and total interest for an ING home loan in Australia. It uses standard loan amortization formulas with typical ING interest rates (default 6.69% p.a.).

2. How Does the Calculator Work?

The calculator uses these formulas:

Where:

• \( P \) — Principal loan amount (AUD)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)
• \( t \) — Loan term in years
• \( PMT \) — Monthly repayment amount

Explanation: The first formula calculates the fixed monthly payment required to fully repay the loan over its term. The second formula estimates the total interest paid over the life of the loan.

3. Understanding Home Loan Repayments

Details: ING home loans in Australia typically have variable rates around 6.69% p.a. (as of 2023). Your actual repayments may vary based on rate changes, fees, and other factors.

4. Using the Calculator

Tips: Enter the loan amount, interest rate (default is 6.69%), and loan term in years. The calculator will show your estimated monthly repayment, total interest, and total repayment amount.

5. Frequently Asked Questions (FAQ)

Q1: Are ING's actual rates exactly 6.69%?
A: Rates vary based on loan product, LVR, and market conditions. Check ING's website for current rates.

Q2: Does this include fees and charges?
A: No, this calculates principal and interest only. Additional fees may apply.

Q3: How does making extra repayments affect my loan?
A: Extra repayments reduce principal faster, saving interest and potentially shortening loan term.

Q4: What's the difference between principal and interest?
A: Principal is the amount borrowed, interest is the cost of borrowing that money.

Q5: Can I change the payment frequency?
A: ING typically offers monthly repayments. Other frequencies would require different calculations.