As a homeowner with a mortgage, interest rate rises have become an area of interest for my wife and me. As the Reserve Bank of Australia (and the rest of the world) sees continued rate hikes, it’s important to know how much extra money you’ll need to cough up.
I wanted a simple tool that wasn’t trying to get me to provide my contact details and sell my information to banks. A simple calculator that gives me an approximation of what my monthly repayments will be with rate increases.
So, I built something. Rate Rise Calculator will ask you for your loan amount, current rate and new rate. It will provide you with an approximation of what your new repayment could be. It works for both rate increases and rate decreases.
There is no API, just an Aurelia 2 front-end and some basic styling.
Nice simple tool. Some suggestions and bugs: the watermark color for the edit fields is a little too close in color to “real” input text; clearing various fields leaves “NaN” in the results; if the interest rate reduces it would be nice to change the wording to say “Your payments will reduce by $N per month” rather than showing a negative number. Also, for what it’s worth, interest rate calculations are universal so currency symbols are not really required.
Awesome suggestion Kev. Thank you.
The currency symbol stuff is just a byproduct of using the INTL NumberFormat API. But you’re right, calculations are universal.