Mortgage Calculator

How to use the Mortgage Calculator

Using our mortgage calculator couldn’t be simpler. Just follow these few easy steps:

1. Enter Property Price: In the “Property Price” field, input the total price of the property you’re considering.
2. Input Mortgage Amount: Enter the amount you plan to borrow for the mortgage in the “Mortgage Amount” field.
3. Specify Deposit: Type in the amount you will be paying as a deposit in the “Deposit” field.
4. Set Interest Rate: In the “Interest Rate (%)” field, input the interest rate of the mortgage.
5. Determine Mortgage Term: Enter the duration of the mortgage in years in the “Mortgage Term (years)” field.
6. Calculate: Click the “Calculate” button to compute your monthly mortgage payments.
7. View Results: The monthly payment amount payable will be displayed. Based on the information provided this is the amount you will be paying your bank every month.

Explanation of Each Option

• Property Price: This is the total cost of the property you are buying. It’s the price you and the seller agree upon before any deductions like a deposit or mortgage.
• Mortgage Amount: This is the amount of money you need to borrow from a lender to purchase the property. Typically, it’s the property price minus your deposit.
• Deposit: The deposit is the portion of the property’s cost that you pay upfront. It’s not part of the loan and typically ranges from 5% to 20% of the total property price. (This may of coiurse vary depending upon your lending institution and your personal financial situation)
• Interest Rate (%): This percentage represents the cost of borrowing the mortgage amount. The interest rate can vary based on your lender, credit history, and market conditions.
• Mortgage Term (years): This is the length of time over which you will repay the mortgage. Common terms are 15, 20, or 30 years. Longer terms usually mean lower monthly payments but higher total interest paid over the life of the loan.

Understanding these options is crucial for accurately calculating your monthly mortgage payment and planning your finances. It’s important to input realistic values to get a practical estimate of your monthly obligations.