Mortgage Calculator

 

This calculator allows a quick guide to mortgage repayments.

Try different numbers until you get a number in year 24 and a zero in 25. (At this point it means that your mortgage will terminate during the last year).

Then enter the maximum you might be able to pay each month into the calculator and see what a difference it makes to the overall payment and time taken to buy your house.

In practice you need not commit to this higher amount every month, simply setting money aside and putting it in as a capital reduction when you can spare it will have the same effect. (This may be of particular note to those who have special deals that penalise early capital repayment).

 

Surprisingly small accelerated payments can shorten the mortage by several years and lead to savings of thousands of pounds.

Example: for a £50,000 mortgage at 5% interest try 295 in the 25 year column and 310 in the accelerated one.

Interest: for simplicity the interest is calculated on the basis of 1/12pm of the rate selected. In practice all mortgage calculations differ in exact detail and so please use this as a guide only.

Mortgage required:

Interest rate , enter 10% as 10:

Monthly payment aiming at 25 years:

Maximum affordable monthly payment:


 

<-- 25 year mortgage -->

<--- accelerated --->

End of
year:

Amount
Outstanding:

Total paid
to date:

Amount
Outstanding:

Total paid
to date:

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email: info@mortgagestoreuk.co.uk