Mortgage Calculator

The Mortgage repayment calculator is a great tool for calculating your monthly repayments on a mortgage when including the repayment amount and the monthly interest amount. The mortgage calculator is a good calculator for understanding how your monthly repayments compare over different mortgage periods, this is particularly useful when considering the mortgage term that you wish to apply for. If you can afford to, it is always worth paying more each month so that you reduce the length of the mortgage and pay less interest on the money you borrow. If you are looking to compare mortgages from different lenders, you may prefer to use our Mortgage Comparison Calculator.

Mortgage Calculator
Mortgage Amount:
Annual Interest Rate:	%
Term of Mortgage:	years

Mortgage Repayment Calculator Results
What?	Repayment Term
What?	1 Year	5 Years	10 Years	15 Years	20 Years	25 Year

How to Calculate your Mortgage Repayments

Enter the mortgage amount required
Enter the mortgage interest rate
Enter the amount of years that you want a mortgage for

Mortgage Calculation for £ Mortgage

A mortgage for £ repayed over years will cost you £ per calendar month and cost you a total of £. This means that during the repayment of your mortgage, you will repay a whopping £ in interest to your mortgage provider, and do they ever give you a free month?

Mortgage News and Further Reading

Mortgages and Budgeting: How to prepare for a Mortgage

Understanding Mortgage Lenders: Mortgage lenders take several factors into account before deciding how much they would lend to borrowers. To minimize their risk, lenders perform a detailed analysis on the income and expenses of the borrower.

Understanding the different types of Mortgage: For most people, getting a mortgage is one of the most important financial decisions in their lives. If you go out to seek a mortgage, you will see hundreds of mortgage products.

Understanding Mortgages: For most people, buying a home is one of the biggest investment decisions in their lifetime. Irrespective of their income and savings, buying a home requires a lot of financial resources.

Getting the best Mortgage Deal: For the average homebuyer, it is hard to distinguish the difference between different mortgages. In this article, we look at some steps you need to take before choosing a new mortgage.

Mortgage Calculations and Mortgage Considerations

Mortgage Calculator. This image shows a beautiful home for a first time buyer, a notepad and a calculator being used to calculate the monthly repayment amount on a new mortgage. Alternatively, people can calculate their monthly mortgage repayments using the mortgage calculator by iCalculator™ Tax Calculator

Are you thinking of committing to a mortgage? Buying a home is one of the most exciting, times of your life, it is also one of the most stressful. Most people buying a home need to take out a new mortgage or extend an existing mortgage and this can, if not carefully considered and thought through, create huge financial problems in the future. 2024 House prices are ridiculous with house prices expected to increase continually through 2024 into 2025. This can create a huge amount of pressure on young couples and families alike, especially if you are looking for a mortgage for your first home. Being a first time buyer in 2024 is not a good or easy thing, the house price figures are ridiculous and more and more families are committing to mortgages which will leave them little or no cash for living their lives. Is this scaring you? Good, we really want you to think seriously about your mortgage and what it means to your financial future. iCalculator would love to see everyone owning their own homes, it's a great concept and means your retirement is secure and easier. Sadly house prices are not what they were 30 years ago, our parents have enjoyed the boom years, it is we, the next home buying generation who really have to work for that dream. So, your mortgage. In a nutshell, it is important that you do your financial homework and prepare properly for the biggest financial decision of your life. When preparing for your mortgage, particularly if you are a first time buyer looking at your first mortgage, we recommend:

Use the mortgage calculator to provide an illustration of monthly Mortgage repayment amounts for different terms and interest rates
Get a mortgage affordability and mortgage comparison review from an Independent Mortgage Adviser, these can often be free
Review the mortgage borrowing considerations before committing to a Mortgage agreement
Email the Mortgage Calculation to yourself. Take a few days and mull over whether you really want to commit to that monthly interest repayment before you commit to the Mortgage.

Use the free online Mortgage calculator to calculate your monthly repayments, compare Mortgage repayments over different periods and define what is the most affordable option for your financial situation. The Mortgage calculator will provide you with a monthly interest repayment over 1 year,2 years,3 years,4 years,5 years, 10 years and compare them to a monthly repayment period of your choosing (so you can create your own mortgage illustration).

Considerations before committing to a Mortgage

WOW: Look at those figures above! The amount of interest you will pay your bank over the period of the loan is outrageous, particularly when we consider what we have done to bail out the banks in our recent history. I know, you have no choice, you need a mortgage but, save what you can, while you can. Use a bigger deposit if you can, repay your mortgage early to save thousands on interest payments. Think about your financial future, when do you really want to pay of that mortgage, the answer should be as soon as possible.

Affordability: Be sure you can really afford to make the Mortgage repayments. Only you really know if you can afford a Mortgage or not and committing to a mortgage which you will struggle to repay will only cause you financial hardship and pain in the future. Remember,

Mortgages: READ THE SMALL PRINT: Your home may be repossessed if you do not keep up your Mortgage repayments (applies to any loan or debt secured on your home).

Shop around: It always pays to shop around and see what deals are available. Most banks and building societies run promotions at various points of the year. Never assume that one lender is better than the other, look for the good deals as they could save you a lot of money.

Check the Interest Rate: The most common mistake that lenders make is not fully reading and understanding their Mortgage interest rates. Make sure that the catchy low interest rate is the one you are getting. Most lenders advertise at low interest rates to get you in the door but you are likely to find that achieving the low rates means borrowing large amounts over long terms, this will mean you repay much more money! Don't be tempted!

Borrow Little, Repay Quickly: The best Mortgage is one repaid quickly. A quick repayment means less interest paid and less stress about your debt.

Don't Lend at All! It's difficult to avoid taking Mortgages in modern society. Modern life is about consumerism and spending. Our grandparents survived and had healthy life's my getting by and enjoying the rare treats. There is a lot to be said for living a simpler life without financial stress. If you can, save. Make that reward or treat worthwhile by making your money work for YOU and not for someone else.

Mortgage Examples

The following mortgage examples illustrate the total monthly cost of the mortgage including interest repayment with varying interest rates so you can understand how much your mortgage could cost each month as interest rates fluctuate over the term of your mortgage.

Finance Calculators

You may also find the following Finance calculators useful.

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