Interest is the cost of borrowing money. In the context of property research, interest can refer to the interest that is paid on a mortgage or on a loan used to purchase a property off-the-plan.
Interest is typically calculated as a percentage of the outstanding balance of the loan. For example, if you have a $200,000 mortgage with an interest rate of 5%, you would pay $10,000 in interest each year.
The amount of interest that you pay will depend on the size of the loan, the interest rate, and the term of the loan.
In the context of Core Property and property research, interest can be used to:
- Calculate the total cost of a property.
- Compare different mortgage or off-the-plan deals.
- Identify affordable property options.
- Track the progress of a mortgage or off-the-plan purchase.
Interest is an important factor to consider when evaluating a property purchase. By understanding interest, you can make informed decisions about your investment.