Thinking of remortgaging

malcindebt

Hi,

Is there any calculation I can used to determin what payments I will be making on a mortgage just by knowing the amount I want to borrow, and the intrest rate.

Does not have to be exact, but an approximate figure?

UK007BullDog

You take the amount you want to borrow, then multiply it by the interest rate you are looking at and then divide it by 12 (months) this will give you the monthly interest only figure.

loan amount x interest rate (divide) 12 = monthly interest only

This will only be a rough guide as the lenders will calculate in other costs as well. Check out lenders websites. Some have good calculators, however each lender does their own calculations so the amounts will come out varied.

herbiesjp

There are some sites that other posters use to get monthly mortgage figures - maybe someone can post one of the links