Base rate calculator

If you’re looking for information about your current mortgage or what you might be able to borrow, you may be looking for a calculator to help you find out that information. There are many different types of calculator and it can get confusing as to which does what – here’s a quick guide.

Mortgage Base Rate Calculator

Changes in the Bank of England Base Rate will impact your mortgage payments, either increasing or decreasing them. Using an interest rate calculator for a mortgage will help you understand what your payments will be taking those changes into account.

Mortgage Calculator

A mortgage calculator on the other hand gives you a rough idea as to what you may be able to borrow. This doesn’t have anything to do with the base rate but is calculated based on what equity you have to put into the purchase and your income.

Interest Rate Calculator on Savings

If you’re looking to find out what return you can expect on your money if you invest it into a particular account, then you may be looking for an interest rate calculator. To find one of these, search for terms such as:

• interest rate calculator in the UK
• interest rate calculator UK savings

Repayment Calculator

A repayment calculator will enable you to work out what your monthly repayments are likely to be on a mortgage. You’ll need to provide quite a bit of information in order to build as accurate a picture as possible so the calculator will ask about earnings, other debts, and over how long you want to repay your mortgage.

Overpayment Calculator

Paying off your mortgage early is a goal for many people. It can be surprising to see how much making even a small overpayment on your mortgage can have over time. This calculator will allow you to see what that difference might be.