Fixed rate mortgage payments calculator
What will be my monthly payments on a fixed rate mortgage?
The Fixed Rate Mortgage Payments Calculator is a great tool for helping you to decide on the mortgage term that is right for your circumstances. Firstly enter the total value of the loan that you need, and then enter the interest rate that you have been offered by the mortgage provider. The next step is to enter the mortgage length, and your monthly mortgage repayment will be calculated. It may be that you are torn between taking out a short-term tracker mortgage to take advantage of the low interest rates while the Bank of England base rate is still low, and choosing a fixed rate mortgage for a longer period of time to guard against interest rate rises.
Using the Fixed Rate Mortgage Payments Calculator you can compare the monthly financial commitments you would be signing up to with each option. Make sure that you use the APR (annual percentage rate of change) as the basis for comparison between mortgage types, as these rates take into consideration not only the interest rate itself but also the mortgage arrangement fee and any additional charges. That way you have more of a direct comparison between mortgage products. Once you have used the calculator to identify a mortgage length and interest rate that gives you a monthly repayment you can afford, speak to a mortgage broker to talk through your options and get some mortgage quotes to find the best available deal for you.