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Backward mortgage calculator??
Mean_Green
Posts: 8 Forumite
Is there such a thing as a "backward" mortgage calculator - ie I can tell it I would like to spend £X and it tells me approx how much I could borrow?
Rather than tell it how much I want to borrow and it tells me how much it will cost.
Rather than tell it how much I want to borrow and it tells me how much it will cost.
0
Comments
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you only need to run the normal calculator a few times to find the answer to your question0
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Once is enough, if you have an ordinary calculator to handyou only need to run the normal calculator a few times to find the answer to your question
LoanSize = £100,000 * [IntendedMonthlyPayment / MonthlyPaymentFor(£100,000)]Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
If you have Excel you can work this out directly with the PV formula:
Amount you can borrow = PV(Quoted Rate/12,Term of mortgage in years * 12,-Monthly amount on mortgage you want to spend)0
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