How to work out repayment mortgage monthly payment

sterling30

I have an Interest Only mortgage. Is there any easy way, without contacting the lender, to work out how much the monthly repayments would be if it were changed to a normal repayment mortgage? Thanks.

Orchid96

There are so many online sites which will give you monthly payment if you provide the mortgage amount, remaiining years and interest rates

K_S

sterling30 said:

I have an Interest Only mortgage. Is there any easy way, without contacting the lender, to work out how much the monthly repayments would be if it were changed to a normal repayment mortgage? Thanks.

@sterling30 If you plug in the numbers on the MSE calculator here, you should be able to get what you need

https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/

sterling30

Thank you. For 'Mortgage Term' would that be the remaining term or the total term when originally applying?

K_S

sterling30 said:

Thank you. For 'Mortgage Term' would that be the remaining term or the total term when originally applying?

@sterling30 Not necessarily. It depends on the below factors -

- what term you would like

- what term you need to be able to meet affordability (as per lender calculations) to borrow the loan amount required

- what is the maximum term that the lender is willing to permit.

kingstreet

sterling30 said:

Thank you. For 'Mortgage Term' would that be the remaining term or the total term when originally applying?

If you want the monthly capital and interest repayment cost for your specific mortgage you use the remaining term.

sterling30

The calculator does not help me. I don't think anyone who has replied understands my initial query. I'll try again...

I currently have an Interest Only mortgage on a variable rate, currently at 3.75%. I am paying £655.75 per month. The total mortage is £209,272.89 and the remaining term is 9 years 4 months.

I just need to know:

1. How much the monthly payments would be if I switched to a Repayment mortgage? I think it might be approx £1868. 

Thanks very much.

simon_or

Why does it not help you? If I put the numbers you've given in the calculator link shared above -

Mortgage of 209,273

Term of 9 years 4 months (9.33 years)

Interest rate of 3.75%

I get £2,287 / month.

fewcloudy

sterling30 said:

The calculator does not help me. I don't think anyone who has replied understands my initial query. I'll try again...

I currently have an Interest Only mortgage on a variable rate, currently at 3.75%. I am paying £655.75 per month. The total mortage is £209,272.89 and the remaining term is 9 years 4 months.

I just need to know:

1. How much the monthly payments would be if I switched to a Repayment mortgage? I think it might be approx £1868. 

Thanks very much.

I think everyone understands, but it seems you don't understand their responses. The online calculators are exactly what you need to enable you to answer your question.