A mortgage calculator will give you an idea of how much you could borrow. The mortgage calculator features a repayment calculator, so you can estimate monthly mortgage repayments. This could help you to work out how much you could afford to borrow if you’re a first-time buyer, moving house or remortgaging.
You may have to pay an early repayment charge if you remortgage. Your property may be repossessed if you do not keep up repayments on your mortgage.
How does the mortgage calculator work?
What mortgage can you afford? Using a mortgage calculator will help you budget your finances by calculating an estimate of your monthly mortgage repayments. Although calculations are based on the mortgage amount, mortgage term and insert rate you enter. Once you’ve added all the necessary information, the calculator will give you an estimate as to how much you’ll be paying each month.
Is a mortgage calculator accurate?
The value given is a guide and the final amount you’ll be paying will be determined by a number of factors, including your lender and the property you’re buying.
Although the mortgage calculator is an estimate, it is useful to gain an understanding of your monthly repayments.
Note: this is not the same as a mortgage affordability calculator, this calculates what you could potentially borrow and not how much you’ll be paying each month.
What are the benefits of using a mortgage calculator?
This can help improve your chances of getting a mortgage and make you appear reliable to lenders and it gives you a rough idea of whether now’s the right time to buy. It’s not just the initial cost of the property but also the regular repayments afterwards you that you willneed to contend with. Can you afford to buy this?
How much is a mortgage a month?
The answer to this depends entirely on your individual situation and there’s no one-size-fits-all here.
You can give yourself more manageable repayments and mortgage interest rates by saving more, to begin with. The higher your deposit, the more likely it is you’ll be given an attractive repayment plan.
Here’s some advice for saving for a house deposit:
- Get a good understanding of your monthly expenditure and outgoings, where can you cut down?
- Have a strict monthly budget and try sticking to it
- If renting, can you sublet?
- Consider using a government scheme to maximise your savings
- Move back in with family to reduce your living costs
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You may have to pay an early repayment charge if you remortgage. Your property may be repossessed if you do not keep up repayments on your mortgage.
