Mortgages

Mortgage Calculator

Use our free mortgage payment calculator to calculate what your monthly repayments will be. Whether you decide on an interest only mortgage or repayment mortgage you can see the monthly costs immediately. A mortgage monthly payment calculator is an easy way to see the monthly repayments on a prospective mortgage. The monthly repayment is a good base for borrowers to judge if a mortgage is right for them.

In the corresponding fields, enter the sum you would like to borrow, the annual interest rate and the period of repayment. Next indicate whether you want a repayment or interest-only mortgage. Click the “Monthly Repayment” button and you’ll see a basic estimate of your potential monthly payment.

 

How Much Will My Mortgage Cost?

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The figures below will show you what your monthly mortgage cost may be depending on the size of the mortgage loan amount, the interest rate, and mortgage term. It also shows the difference between a capital and interest repayment or interest only payment method.

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For tracker and variable rate mortgages the interest rate may change, this will result in your monthly payments either increasing or decreasing. Below is an example an increase in interest rates of 1% over the annual interest rate selected entered above.

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Bear in mind that with an interest-only mortgages you must also work out an investment scheme to pay back the capital on the mortgage. This can be an ISA, endowment or other form of savings, and will carry its own costs. The mortgage monthly payment calculator doesn’t account for these figures.

As well, the mortgage desired may not be available due to issues of home equity and past borrowing. With many mortgages there are also changes in interest rates and outside costs not reflected in the monthly repayment calculation.

Please note that the lender may lend but it must be ensured that the monthly amount to be repaid is affordable and that lenders also take different income multiples into account.

The information provided from these calculators is for example only and should not be relied upon. For comprehensive mortgage advice and calculations specific for your circumstances please call 0845 458 2633 to speak with one of our mortgage advisors.

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