Mortgage calculator for Remortgage
If you are a first time buyer or looking for a remortgage it is often helpful to get an indication of how much you may be able to borrow and how much your mortgage payments are likely to be.
One of the main factors that will influence how much you will be paying back on your mortgage will be the interest rate you are being charged. When using a mortgage calculator it is advisable to change the interest rates to see how this will effect your payments.
For example if using a mortgage calculator with the following data the results below will give you an indication on how much the interest rate will have on your mortgage.
We enter we want a £150000 mortgage over 25 years. First on using the mortgage calculator we enter an interest rate of 5%
This would give us a monthly payment of around £877 per month. If we enter into the mortgage calculator that the interest rate is now 8% we would see monthly payment are now £1158
As can be seen using a mortgage calculator the interest rate play a big part on how much we will need to pay each month. As well as the interest rate the time period you pay your mortgage over has a great affect on your monthly payments.
If we enter the same data as above into our mortgage calculator we will see that if we decreased the mortgage by 10 years, I.e. a 15 year mortgage the monthly payment at 5% would be £1186 and at 8% would be £1433.
So you can see that the shorter your mortgage is the more you will pay per month. You will however pay less in interest charges.
You can play around with the mortgage calculator with different percentages and repayment periods which will give you a good idea what how these relate to your mortgage payments. It is always advisable to seek the advice of a regulated mortgage advisor who will give you a much more detailed insight into the full costs of any mortgage, but the mortgage calculator gives you a good indication on the monthly payments involved.
How much can I borrow?
Each lender calculates how much you can borrow on a different basis. The information below once calculated will give you an indication of your borrowing potential.
How much will my mortage cost?
The exact cost of your mortgage will depend on a number of factors. The payment calculator below provides an approximate indication of monthly payments. Different lenders will calculate repayments in different ways, using either daily, monthly or yearly interest calculations. For a true cost of lending, please always refer to the APR figure.
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