Mortgage Repayment Calculator Check you can afford the repayments
Securing a mortgage then finding out you’re unable to meet the repayments shouldn’t happen. Lenders do a great job of working out how much you can afford to borrow based on their calculations.
But what if the amount they reckon you can afford and your disposable income are at odds with one another? The results can have a huge negative impact on your life, home and credit history.
We can’t stress enough how important it is to double-check that you can afford the monthly amount your mortgage will cost you. That’s why we’ve taken an extra step, here.
We’ve added a mortgage repayment calculator besides the standard contractor mortgage calculator.
To work out your monthly repayments, just enter the:
- amount you’ll need to borrow from the lender;
- interest rate associated with that mortgage;
- term of the mortgage (how long you’re taking the it out for);
- type of mortgage (interest only, repayment, etc.)
- fees that you’ve got to add on to the amount you’re borrowing.
You’ll then get an idea of what you need to budget every month to keep up your repayments. Nail that, and you’ll take the pressure of so many other aspects of your life. Job done!