If you’re purchasing a new house, you’re probably comparing and applying for home loans right now. You will be dealing with getting approved and determining your repayment amounts, frequency and loan term. This means that you’re thinking about your financial future, so why not take it a step further and set a savings goal?
With our savings calculator, you can project how much you can accumulate over time with an initial amount and ongoing contributions.
If you are concerned with your finances and want to find new ways to make your money work for you, please use any of MOJO Homes’ finance calculators and set yourself on the path of savings and peace of mind.
Benefits of Our Savings Calculator
When you use this savings calculator, you can estimate your investment growth over time. Simply enter in your savings details, such as your Initial Amount, Deposit Amount, Deposit Frequency, Interest Rate and Saving Term, and we can give you an estimated amount that demonstrates the total amount of money you’ll have at the end of the term, the total amount of money you have invested and your total interest earned over the years.
With these calculations, you can estimate how long it will take for you to save for a down payment on a new home with MOJO Homes. Our growth calculator allows you to set a goal and determine how much you’ll need to put away each month in order to reach that goal.
Confused by the jargon? See below, we explain what the terms used in this calculator mean.
This refers to the amount of money you start out with in your investment or how much you can initially contribute to the account. This number is vital to the growth of your savings.
This is the amount that you will contribute with each pay period. You can make this decision based on your monthly budget. Try out different amounts to find out how higher deposits can boost your investment growth over time.
You can choose how often you will deposit the amount specified above into your savings account. Again, the frequency you choose will reflect the final amount of interest you accrue.
This tells you how much your account will gain over time. Search around for the best interest rates to get the most return on your savings.
This is the number of years that your investment has to grow. The longer the timeframe, the larger the growth of the investment will be.
Buying a New Home
Feel free to use this savings calculator to help you plan out your financial future and to find out how long it will take you to save for a down payment on a new home.
To discuss buying a new home in NSW contact MOJO Homes today.