If you take £100,000 as a mortgage loan for 25 years at 3% interest rate, your monthly repayment would be £474.21 and total interest you will pay will be £42,263.39.
If you take £100,000 as a mortgage loan for 25 years at 3% interest rate and choose to pay interest only then your monthly interest would be £250 and total interest you will pay at the end of tenure will be £75,000.
The UK mortgage market in 2021 was at its highest since before the global crisis of 2008 and is expected to reach £313 billion by 2023 . Of all homeowners with a mortgage, over 29,000 were seriously behind with repayments .
Taking on a mortgage is a long-term financial commitment and you may lose your home if you can’t meet the repayments. It’s vital to have a clear idea as to what you can afford and a mortgage repayment calculator is a very helpful guide.
In some mortgage agreements, you may be have to make monthly payments of both interest and a proportion of the original loan. In others, you may only need to pay the interest, provided that you have some form of savings plan in place to pay off the original loan – known as the capital – at the end of the agreement.
Whatever your circumstances, you will need to budget and our repayment calculator for mortgage payments can help. You may already be familiar with this kind of automated tool: for example, if you applied to university you might have used a student loan repayment calculator. Our mortgage repayment calculator works in a very similar way.
There’s a huge number of mortgage deals available so you need to understand how small variations can make a big difference to the affordability of the options. When technology made it possible to provide a repayment calculator mortgage seekers were the individuals for whom they were primarily created. Our calculator shouldn’t take the place of advice from a qualified financial advisor but it can give you a pretty accurate idea of how much it will cost you every month to borrow the amount you need.
Just fill in the information required and you’ll see what the cost could be. You can adjust any detail to get a more acceptable figure. Why not try it out now?