Mortgage Repayment Calculator
Fill out our quick and easy mortgage repayment calculator below. We only require a few details to see how much you may be able to borrow.
NO CREDIT CHECKS!
How does the mortgage repayment calculator work?
Our monthly mortgage repayment calculator takes the desired loan amount, anticipated interest rate, and loan duration, and will also ask you if you wish to opt for an interest-only or repayment mortgage product.
From this information it is able to give you an indication of what your monthly payments would be over the set period at a set interest rate. You’ll need to remember that this is just a guide and mortgage products can vary from lender to lender.
How do mortgage interest rates work?
When obtaining a mortgage a lender will charge you for borrowing the money from them. This is known as interest, and it is paid back on top of the money you borrow.
It’s calculated as a percentage of the total loan amount (how much you are borrowing). For example, if you borrow £200,000 at 5% interest your total interest would be £10,000.
As the loan amount reduces, you will begin to pay less interest. This is because the percentage used will likely stay the same but the loan amount decreases. For example, if you have paid off £15,000 of your mortgage, your new loan amount is £185,000. So, a 5% rate would leave you with £9,250 in interest.
If you want to understand what interest rates you could be subject to, get in touch today. Our experienced advisors can discuss this with you over a free no-obligation consultation call.
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Calculators
These calculators are great for getting a quick guide, but if you want a completely accurate assessment then you should talk to one of our professional advisors.
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Frequently asked questions...
Our quick and easy monthly mortgage repayment calculator is a great way to prepare for a mortgage application.
Understanding what your repayments could be can allow you to budget effectively. The calculator allows you to select the interest rate that is applied to the calculation. This means you can keep in line with the current market. You can also select the duration you wish the mortgage is to run for, allowing you to experiment with costs.
Furthermore, our mortgage calculator can give you reassurance that you are being realistic before you start looking at properties.
If you want to get a more detailed understanding of what you could borrow, reach out today. Our expert advisors are on hand to advise you every step of the way.
You’ll be pleased to know that all our mortgage calculators have no effect on your credit score, so you don’t need to worry about only using it once.
Our calculators are in place to give you an idea of your borrowing capabilities, ensuring you’re in the best position possible when applying for a mortgage.
Phil Scott
Director
About the author
Phil has worked in the financial services industry since 1992, having started with a large insurance company. He went self employed in 1996 as an Independent Financial Adviser before setting up his first company, Needham Market Home Financial in 1999.
After four years, he decided to concentrate solely on mortgages and related insurances, and The Mortgage Centres was born. Since then, Phil has been influential in the opening of several new offices as the business continues to grow.
Qualifications
Financial Planning Certificate: 1,2 & 3
Year Attained: 1992
Certificate in Mortgage Advice and Practice (CEMAP)
Year Attained: 2001
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