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Monthly Calculations-Help Needed Please
newmarketsearch
Posts: 1 Newbie
I would like to know if I buy a house at 159,950 with a deposit of 30,000 what my costs on my mortgage will be? Is there a calculator or a rough indicator I could use to find out? I'm finding tenats and then the house and want to know that they'll cover my mortgage.
Tx
Tx
0
Comments
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if you go to a website of the bank, they usually have mortgage calculator and you can use that to obtainthe monthly payment. All will depend on how long do you want to take the mortgage for and what interest rate you will get.Spring into Spring 2015 - 0.7/12lb0
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Just a few:
http://www.yourmortgage.co.uk/08calculators/08_calculators2.htm (this is nice one, you can see the effect of overpaying, holiday, lump sum payment, etc)
http://www.nationwide.co.uk/mortgage/homebuyers/calcs.htmSpring into Spring 2015 - 0.7/12lb0 -
Say you borrow £130,000 at 6%, the monthly interest will be 130000 x 6/100 / 12= 650.
The bank will probably require the rent to be 125% of the interest, so about £800.0 -
Don't forget to allow for:
*repairs/upkeep
*periods with no tenants
*agent fees if you want an agent to find the tenants (perhaps a good idea, as they do credit checks on the tenant!),
*tenants who can't pay rent
*buildings insurance/contents insuranceShould've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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