How to use the Mortgage Calculator

1)  Enter the total price of the property eg £70,000

2) Enter the deposit you will pay. For a first time buyer this will typically be 5% i.e. £3,500 in this example.

3) Enter the mortgage rate eg 4.99%.

4) Enter the length of the mortgage. This is typically 25 years. A shorter term will mean higher monthly payments, but less payment of interest overall.

5) Click on the calculate button.

The Mortgage Calculator nows shows the following results:
  -The mortgage Amount ie the total price minus the deposit.
  -The number of monthly payments ie term in years multiplied by 12.
  -The Monthly Payment...£388-36p in this example.