Can anyone recomend a mortagage calculator or do the workings out for me ?

LizzieandThomas

The property value is 195000

deposit is 29,200


rental income will be axp £725

Over axp 30 years intrest only what would my repayments be ?

Or a good online calculator recomendation please .

homer_j_3

interest only so term is irrelavant.

19500-29200 = 165800

165800 x <insert interest rate here> = £ A

£ A divided by 12 = monthly payment.

if you work on basis that rental calcs normally expect at least 100% of rental income but more common at 110-115-120 & 125% you just need to multiply the monthly payment you have just calculated above to see if you rental income fits!

Hope that is easy to follow! ?

LizzieandThomas

Thanks for your replies - find it all really confusing.

Usually leave it upto my boyfriend but this time is a bit more of a risk so want to be able to understand it fully then make a firm decision.

jay7_2

This calculator might help:
http://www.allagents.co.uk/calculator/mortgage-rent/

Alan50

I use the above, handy for interest only and 'what if' the rate increases.
Suprised there is not one on this site

Regards
alan