A quick and easy way to calculate your monthly mortgage payment. Simply enter the amount you wish to borrow, the interest rate you have been quoted and the term over which you intend to pay it off then hit the 'Find Monthly Payment' button.
The first figure produced represents the Capital & Interest payment for a mortgage loan of this amount. With Capital & Interst Repayment mortgages you are guaranteed to own the property outright if you make all the contracted payments over the term.
The second figure shows the total interest over the term assuming interest rates did not vary. This is unlikely to be the case so this figure is only a guide. The longer the term of the loan, the higher the total interest you would pay. Shorter loans will attract less interest.
This calculator does not show the Interest Only calculation. We suggest that anyone opting for an interest only mortgage speak to one of our advisers who will explain in detail your responsibilites and the risks associated with such a mortgage strategy.
These are guide figures only. For a detailed and accurate quote of what you would pay on a mortgage from a specific lender - contact Mortgage ID today. |
