Mortgage calculator

Mortgage Information

Mortgage required      (£):
Repayment period (years):
Interest rate            (%):

Mortgage Results

Repayment mortgage: (£):
Interest only mortgage (£):

Mortgage rates can go up as well as down.

At 7% a repayment mortgage will cost (£):
At 7% an interest only mortgage will cost(£):

Notes:

1. The above Mortgage calculator is based on an annual reset type mortgage which recalculates mortgage payments once a year. Because of this they will probably slightly overstate the monthly payments for most mortgages which tend to calculate payments on a monthly or daily basis.

3. A repayment mortgage is one where mortgage payments cover both interest costs and repayment of the original loan, so that the mortgage amount decreases over time. This will guarentee that the mortgage is repaid at the end of the term.

3. An interest only mortgage is one where mortgage payments only cover the interest. With interest only loans, the mortgage amount does not automatically decrease over time. Usually, borrowers will set up an ISA, endowment or some other investment product (at additional cost), designed to repay the loan at the end of its term.