Mortgage Repayment Calculator
Use our online and independent Mortgage Calculator in order to compare the latest mortgage deals on the market, fully up to date with May 2020 mortgage rates.
- Enter the amount of money you need a mortgage for
- Enter the interest rate of the mortgage
- Enter how many years you need the mortgage for
The Standard Mortgage Payment Formula
Our mortgage calculator uses the standard formula with fixed-rate mortgage loan:
Monthly Mortgage Payment = [ Rate / (1 − (1 + Rate) − N ) ] × Amount Borrowed
N = Number of Monthly Payments (for a 20 year mortgage loan N = 20 × 12 = 240) ,
Rate (Monthly Interest Rate) = Decimal Rate / 12 , or Rate = (Annual Interest Rate / 100) / 12
The Mortgage Calculation for £
A mortgage of £ is to be repaid over a span of years, costing you £ every month. This adds up to a total of £ , which means the interest over those years is £ . A crazy amount!
Mortgage Calculations and Mortgage Considerations
If you are thinking about taking out a mortgage to purchase your dream home, then you need to consider all of the possibilities. Most people who decide to buy a home have to take a new mortgage out, which if not considered closely and thoroughly can create terrible financial problems. The prices of houses on the market are continuously rising, and will continue to do so through 2016 and all the way through 2017. These prices can create a lot of stress, and they should do. Taking out a mortgage is a huge financial step and as a first time home buyer, in 2016 that is a difficult thing to succeed at. Committing to a mortgage can leave you with very little money to spend throughout your life, leaving the few qualities in life to be even rarer. Even though all of us here at Good Calculators would enjoy to see everyone enjoying their own fully paid off homes, although the years in which that was easily possible have gone, and that is incredibly hard to achieve now. Overall, when you are calculating your financial specifics, be incredibly thorough as you will be making one of the biggest decisions of your lifetime.
If you are a first time buyer and are looking to take out a mortgage, we recommend that:
- You use our mortgage calculator in order to show a variety of repayment amounts for several terms and interest rates.
- You get a cost-less mortgage comparison review straight form an Independent Mortgage Advisor.
- Review all of the things that you have to consider before you take out a mortgage and commit to the mortgage agreement.
- Take time to go over your mortgage agreements before you even consider taking out the mortgage. Remember that a mortgage is a long-term agreement that can't be broken.
Use our free online Mortgage calculator in order to calculate all of your monthly repayments as well as compare your Mortgage repayments over several other time periods, dependable on how your financial situation is.
Things to Consider When Taking Out a Mortgage
Figures: Take a moment to look at all of those figures above. We understand that you have no choice when taking out a mortgage loan but remember, the faster you repay your loan then the less money you have to pay back to the lender in the long run. If possible, try to put down a bigger deposit. It's your financial future, the sooner you pay off the mortgage, the sooner you can start on living a happier life.
Affordable: Make sure that you will be able to repay your mortgage repayments. Remember that if you aren't able to afford a mortgage and you take one out, you're at risk of your home being taken from you.
Mortgages: Again, mortgages are for the long run. If you aren't able to keep up with your repayments then the bank has the option to take your home from you. Be careful.
Research: Look at different banks and building societies. They have a variety of promotions running throughout the year, take advantage of those and you could save yourself a lot of money.
Interest Rates: Make sure you fully read into the interest rates applied to a personal loan. You may think that you are getting an incredibly deal with a low-interest rate, but on the other hand you may have to pay that loan off for another couple of years meaning you are paying a noticeably larger amount.
Borrow Little, Repay Quickly: Pay back your mortgage as soon as possible. Don't let the interest rates continue to grow your debt, get your debt paid quickly and out of your life forever.