Mortgage Caculator
Calculate your repayments by using our easy to use free online mortgage calculator
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To find out how the mortgage calculator works and an explanation of some of the terms, use the links below or scroll down the page.
Latest Mortgage News
| The maximum loan for first-time buyers in Jersey is cut from 90% to 75% by one of the island's biggest lenders. |
| The US House of Representatives passes a massive housing rescue bill after President Bush says he will not veto it. |
| The head of a team tackling mortgage fraudsters says they are increasingly being kicked out of the industry and fined. |
| The cost of taking out a mortgage in the US rises again following fears over two key lenders, consumer figures indicate. |
| Leading US mortgage lender Washington Mutual sees a $3.3bn quarterly loss following a rise in loan defaults. |
| The number of new mortgages approved by the major banks fell to a new record low in June, and is down 67% on the year. |
| Most mortgage advisers are doing a poor job when giving advice, according to research by the consumers association Which? |
| The Financial Services Authority tells lenders to step up their defences against mortgage fraud. |
| Wachovia, the fourth-largest US bank, says it will stop offering mortgages via brokers from 25 July. |
| A former sub-prime mortgage lender offers an 8% discount to borrowers if they redeem their home loans. |
| The UK's biggest mortgage lender HBOS says only 8% of its £4bn share issue was taken up by existing investors. |
| The mortgage squeeze continues to tighten with a further drop in lending, says the Council of Mortgage Lenders. |
| US bank Merrill Lynch posts a $4.89bn (£2.49bn) loss due to heavy exposure to the sub-prime mortgage market. |
| Before his disappearance John Darwin refused to pay bills on time and stretched his finances to the limit, his wife has told a court. |
| Failed US mortgage lender IndyMac Bank is reportedly being investigated by US officials over suspected fraud. |
| US mortgage firms Fannie Mae and Freddie Mac are not at risk of collapse, Federal Reserve boss Ben Bernanke insists. |
| Two men and a woman are jailed over a £1.7m scam where they stole the title deeds of four homes and obtained loans by deception. |
| The Nationwide is to cut its mortgage rates for the second time in as many weeks. |
| Housing minister Caroline Flint announces measures aimed at helping people in England get on the housing ladder. |
| With lenders being squeezed on who they can lend to, what are the new challenges when remortgaging? |
Mortgage calculator
What is It?
The calculator allows you to work out how much your monthly mortgage might cost, based on a number of variables.
After entering the amount you would like to borrow, the term of the loan and the interest rate, it estimates the cost of a repayment mortgage and an interest-only mortgage.
Mortgage calculators
Entering different figures into the calculator allows you to get an idea of how your payment will change if you move home, vary the length of the loan, or if interest rates change.
It is intended to be used as a guide only, not as a replacement for professional mortgage advice.
How to use it
Enter the amount of the mortgage, the repayment period and the interest rate in the relevant boxes.
Once you are happy with your choices, hit the calculate button and the monthly cost of a repayment mortgage and an interest-only mortgage will appear.
Is it accurate ?
The mortgage calculator is intended to be used as a guide only and not as a basis for making any financial decisions.
The actual repayments may vary from the amount shown.
Mortgage Required?
Mortgage required refers to the amount of the loan needed to buy a home.
It is not the same as the cost of the home itself, as some people may have equity, or savings which they would put towards it.
For example, if a house costs L300,000 and a prospective buyer has L100,000, the mortgage required is L200,000.
Interest Rate ?
All lenders charge a sum for allowing people to borrow money from them.
The amount charged is a proportion of the loan and it is this which constitutes the interest rate.
The interest rate varies between lenders and according to the type of loan the borrower has chosen.
Repayment Mortgage
Each month a repayment mortgage pays off a little of the purchase price of the home, as well as the interest on the loan.
If all the payments are made, the mortgage is cleared at the end of the loan term and the house is wholly owned by the purchaser.
Interest Only ?
With an interest-only mortgage, only the interest charged by the lender is paid off each month.
The cost of the property is not included in the payments. Buyers are expected t
Mortgage Calculator
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