Mortgage Calculator

Use our Mortgage Calculator to estimate how much you would pay each month.

Input the property price and deposit amount you will be using, and use the sliders to adjust the term and interest rate.  Please note that the monthly amount may change between different lenders and products and you will need to check the policy details carefully.

  

WPP Financial Services, Rochester, Medway, Kent, could help with this


Please note that other fees will also need to be considered including stamp duty.

Repayment mortgages will mean that you pay off the amount borrowed as well as the interest.

With interest only mortgages, new regulations insist that you have a plan in place for repayment of the borrowed mortgage amount.

 

Make sure you can afford it! 

Check the amounts that would be repayable if the interest rate was to rise by 3%.

WPP Financial Services, Rochester, Medway, Kent, could help with this

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Mortgage Calculator information

All of the figures you need to input into the mortgage calculator will affect the monthly mortgage amount you will need to pay.

Property Price

Find out what is going on with house prices in your local area by researching the house prices paid on one of many websites that list millions of property transactions dating back to 1995 from all across the UK.

Try Zoopla or Mouseprice as two examples.  Both these websites allow you to search your location by postcode.

Your Deposit

Aim to save as much money as possible for your deposit as this will help you to get better interest rates for your mortgage.  Many find that if they set themselves a savings goal with a calculated amount put away each month (perhaps as an arranged standing order) that it can really help.

The more you have to put down as a deposit, the better your loan to value (LTV) ratio.  You can use our calculator to work out your current loan to value ratio.

What is a  loan-to-value (LTV) ratio?

This is a percentage of your current mortgage amount of the value of your property.

Remortgaging can often result in a better interest rate, particularly if the fixed rate, usually around 2 to 5 years, on your current deal has ended.

Most lenders offer mortgage and home-equity applicants the lowest possible interest rate when the loan-to-value ratio is at or below 80%.

 

Term

The mortgage term is the number of years that you will take the mortgage out for with the end date being that at which all funds borrowed must be repaid to the mortgage lender.  Most mortgages last for 25 years but some can be as long as 40 years.

Interest Rate

Interest Only Mortgage

If you have an interest-only mortgage, the mortgage payment made each month will always be a percentage of the fixed loan amount.  This fixed amount of monthly interest with be 1/12th of the interest rate percentage of the amount borrowed e.g. if you borrowed £200,000 and have an interest rate of 5%, the monthly mortgage payment will be 1/12 x 5/100 x £200,000 i.e £833.33 a month.  As well as the interest paid you must also have a method of paying off the loan amount in place with through a repayment mortgage or through another payment plan.

Repayment Mortgage

Interest is calculated daily on most repayment mortgages.  As the loan amount on a repayment mortgage decreases each month, the interest that is calculated will also change with each monthly payment. 

 

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