Mortgage Loan Calculator
How much will your loan cost you each month?
The mortgage loan calculator can be used to work out how much you will have to pay for your mortgage with a given loan amount, interest rate and loan term. Of course, this monthly payment estimate will only apply if you take out a fixed rate mortgage for the entire term of the mortgage. If you choose to only fix the mortgage rate for a set period, your rate (and therefore your repayments) could fluctuate significantly.
The reason why many people choose to take out a fixed rate mortgage is so that they will be able to budget more easily each month. You take on the risk that the interest rates will fall during the fixed-rate period (as happened recently), but you may also find that you are protected against financial difficulty if the rates suddenly rise. The mortgage loan calculator should be used as a part of the overall research process, but should not be seen as an exact indication of the financial outlay required throughout the term of your mortgage.