The mortgage payment calculator helps estimate monthly payments when purchasing a home in the UK. See how much your monthly mortgage repayment will be to see how much you can afford based on various interest rates. Since a mortgage is one of the largest purchases you will have, it is important to understand how it will impact your finances.
How this mortgage payment calculator works
This mortgage payment calculator helps calculate monthly payments on a new mortgage as well as interest-only or repayment mortgages. You will need to enter inputs such as the purchase price of the home, down payment, mortgage interest rate as well as amortization period.
You can then switch between different values for the inputs to see how it impacts your monthly mortgage payment.
What is the difference between interest-only & mortgage repayment mortgage?
In the UK an interest-only mortgage is where your payments are only for the interest that the lender charges on the loan. With a repayment mortgage your payments will go towards repaying the principal borrowed from the lender in addition to making payments for the interest on the loan. A mortgage payment calculator is a good tool to use to see the differences between these types of mortgages. This will help you compare home affordability in the UK.