How to use our new build mortgage repayment calculator
Based on the amount of mortgage you need to borrow, you can now find out what your monthly repayments will be. This figure will be based on the results from the information you previously entered. However, it is also dependent on the number of years the repayment is made and the interest rate. You can amend these figures by moving the sliding scale which will adjust the monthly figure accordingly.
When looking at this figure it is always good to consider how much repayment you can comfortably afford. Do not try to stretch your funds too far and make sure your budget allows for other eventualities.
It takes just a few clicks to see how much you can borrow and how much your mortgage might cost.
Step-by-step guide
1. Enter your house value and deposit
The first step is to enter your house value and how much you can afford to pay towards your deposit.
2. Enter your repayment terms
To get an accurate idea of how much you will be paying each month, select over how many years you want to pay off your mortgage.
The older you are, the lower the number of years you should select.
You will also need to enter an interest rate. As of July 2021, the average mortgage
rate is between 2-3%.
3. Complete!
Now you’ll be left with a figure for your monthly repayments.
