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Mortgage Calculators

This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances

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are you buying Remortgaging buy to lets buy to lets buy to lets  
are you buying are you buying Remortgaging buy to lets buy to lets  

How much will my Interest-only Payments Be?

 
Amount : (£)
Interest-Only Rate : (%)
Conventional Loan Rate : (%)
Length : (Yrs)


 

Financial Analysis (Switch to Plain English)
Interest-Only Loan Payment : £989.58
Total Interest-Only : £356,250.00
Monthly Capital & Interests : £1,342.05
Total Capital & Interest : £483,139.46
Plain English Summary (Financial Analysis)

When applying for a mortgage loan for your home, you can choose between a standard loan and an interest only loan. With an interest only loan, you will pay only on the interest when you make your monthly payments and you will eventually be called upon to pay the Capital. It is a wise financial decision to compare the two types of loans before deciding which one is best for you.

If you wanted to borrow £250,000.00 for the purchase of your home, you might be offered a standard loan with a 5.000% interest rate or an interest only loan with a 4.750% interest rate, with both being 30 year loans. With an interest only loan, your monthly payment would be £989.58, while a standard loan would be £1,342.05. Under this plan, the total interest only cost would be £356,250.00, while the total standard loan cost would be £483,139.46.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

 

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