Kinetic Financial Solutions Mortgage Brokers For Essex | Rayleigh | Southend | Basildon | Grays | Benfleet
Mortgage Repayment Calculator
You can use our 'What will it cost?' calculator to find out how much your monthly mortgage repayments are likely to be.It's important to remember that the figures are only a guide; the exact cost will depend on the particular mortgage you have. We will provide those figures as part of your "keyfacts documentation.
To use the calculator simply enter:
The length of the mortgage in years, for example 25 years;
The loan amount in pounds (without any commas); and
The interest rate for the mortgage (you don't need to enter the percentage).
|
The calculator will work out for you the likely monthly repayments for a repayment or an interest only mortgage. This can help you estimate the size of mortgage you can afford at that particular interest rate.
Changes to interest rates
While you may be able to afford the monthly repayments now, what happens if the interest rates rise? Consider whether you would still be able to afford the repayments if rates went up.
With some mortgages the interest rate is fixed or capped for a period of time. This can help you budget. But do check what happens at the end of the fixed or capped period, as often the interest rate will rise. Will you still be able to afford the monthly repayments then?