The Fixed Rate 15 Year Mortgage Payments Calculator will tell you how much your monthly mortgage repayments will cost you each month. You need to enter the total amount that you need to borrow in order to purchase your property, and also the interest rate that you have been offered by your lender, and then the calculator will work out what this equates to in interest repayments on a fixed rate 15 year mortgage. One of the main reasons that so many homebuyers choose to fix their rate is the financial stability this type of mortgage product offers.
Although the low Bank of England base rate means that variable mortgage products â€“ at least, those that track the base rate - are currently at relatively low rates, there is a chance that those rates can sharply rise again. If this were to happen, mortgage owners may struggle to meet the increased monthly repayments. Even though a fixed rate mortgage may not offer the lowest rates in the market, you are effectively paying for the peace of mind of knowing that regardless of market conditions you are not going to see your repayments suddenly rise.