Mortgage calculators
Rough numbers in seconds. Every figure here is an illustration — the real one comes from a lender, and we’ll get you that.
The property
Change any one of deposit, loan to value or loan amount and the other two follow.
Comparing a new deal with the one you have? Try the remortgage calculator: it shows the monthly saving after fees and any early repayment charge.
Your mortgage
What if you shortened your term?
Pay a little more each month, clear the mortgage sooner and pay less interest.
Want a real figure, not an estimate?
Calculators give you a rough idea. Leave your name and number and a CeMAP-qualified advisor will call to talk you through your numbers and what lenders would actually offer.
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How to use this calculator
Start with your mortgage: the amount you want to borrow, the interest rate and the term. Your monthly payment updates as you type.
Add the property price if you have one in mind. The calculator then works out your deposit, your loan to value and the Stamp Duty, so you can see the full amount you need on completion day.
Repayment or interest only?
With a repayment mortgage, each payment covers the interest and some of the loan. By the end of the term you own your home outright.
With interest only, you pay just the interest, so payments are lower but you still owe the full loan at the end. Lenders want to see how you’ll repay it, such as a sale, savings or investments.
Why add more than one part?
Some mortgages are split. For example, part could be on a five year fix and part on a tracker, or part on repayment and part on interest only. Additional borrowing on a remortgage is often a separate part too. Add up to four parts to see the combined payment.
What loan to value means
Loan to value (LTV) is your mortgage as a percentage of the property’s value. A £240,000 loan on a £300,000 home is 80% LTV. Lenders price their rates in LTV bands, so a bigger deposit or more equity can open up lower rates.
Shortening your term
A shorter term means higher monthly payments, but you clear the mortgage sooner and usually pay much less interest overall. The comparison above shows the trade-off for your own numbers. Lenders check affordability on the term you choose.
Remortgaging?
To compare your current deal with a new one, use our remortgage calculator. It shows the monthly saving, the interest and fees each way, any early repayment charge, and how many months until switching pays off.
What these figures don’t include
These results are illustrations. They assume one rate for the whole term, while most deals last two to five years before moving to the lender’s standard variable rate. They also leave out product fees, legal fees, surveys and moving costs. Stamp Duty is shown at the England and Northern Ireland rates for UK residents. Scotland and Wales have their own taxes, and buyers who aren’t UK resident pay an extra 2%.
For figures based on your own circumstances and today’s lender rates, request a quote or call us on 01202 733 809.
Next step: Our guide for first-time buyers