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Mortgage Calculator
My mortgage payments
Enter the mortgage loan required, expected mortgage interest rate and term of the mortgage and press 'Calculate'.
The term you select should not exceed the retirement age of either applicant
The calculator will give you an estimate of the repayments for a repayment (capital and interest) mortgage and for an interest only mortgage.
The interest only payment is lower than the capital and interest. This is because you are just paying the interest back to the lender.
With a capital and interest mortgage, your monthly mortgage payment is paying both the interest and re-paying a small amount off the capital borrowed. At the end of each year you will notice from your mortgage statement that the mortgage balance has reduced
If you take out an interest only loan for £100,000 (say). You will still owe the lender £100,000 in 25 years time. You should have a plan for clearing an interest only mortgage.