monthly payment X gets ????

soup_nazi

Does anyone know if there's a tool on the web where I can plug in what I'd like to pay each month at rate X and it tells me how much I can borrow?

i.e. say I can pay £1000/month at 6% - how much does that equal in borrowing? Ideally I'd like an interest only option there too.

Any help gratefully received...

soup_nazi

anyone... anyone... beuller?

pollyanna24

The only one I know of is whatsthecost.co.uk and play around with the figures a little bit.

BindiBahji

soup_nazi wrote: »

Does anyone know if there's a tool on the web where I can plug in what I'd like to pay each month at rate X and it tells me how much I can borrow?

i.e. say I can pay £1000/month at 6% - how much does that equal in borrowing? Ideally I'd like an interest only option there too.

Don't know of a tool but it's not difficult to work out for interest only:

Take the monthly interest payment, multiply by 12 to get the amount of interest you'll pay per year, and then divide that by the interest rate to get the loan amount.

So, for your example above if you paid 1k interest per month you'd be able to borrow:
1000 * 12 / 6%
= 1000 * 12 / 0.06
= 200k

For repayment, it depends on how long a term you take the loan for.

pollyanna24

I just played with a few figures and got £155,000 over 25 years at 6% was £998.

antwilson

Try

http://www.bradford-bingley.co.uk/mortgages/calculate/index.asp

Most places that offer mortgages have them on the site somewhere:D

soup_nazi

Thanks gents...