Whether you’re purchasing your first home, or if you’re adding another property to your portfolio – there’s nothing quite as important as understanding what you can expect to pay back after taking out a loan. Your lender will undoubtedly offer their own interest rate and this is something that many borrowers overlook.
In reality, you won’t just be paying back what you’ve borrowed – you will also be expected to pay interest for that original sum, too. That’s where our handy repayment calculator steps up to the mark. It’s ideal if you already have information from your bank or lender relating to their interest rates and all that you will need to do is to add that data into the input fields below. Our calculator will work out what you can expect to pay back each week, every other week, or even every month.
Why would you need to use a repayment calculator?
Although quite uncommon, it’s not unheard of for certain banks and lenders to omit telling you that interest rates have a tendency to rise and fall. When applying for your mortgage, you will undoubtedly be presented with your repayment options by your lender – but it always pays to be a little more prepared. Our calculator will help you to identify what you should expect to pay back each month whilst interest rates are as agreed, as well as being able to predict your repayments should these rates rise of fall.
You will also find options to modify the repayment schedule itself – from weekly, bi-weekly and monthly payments. These can also affect the amount that you pay back, as can the amount of time that you are intending to repay your loan. These are features that banks and lenders don’t typically offer, so testing the possibilities will allow you to gauge just how much you will be expected to repay over time.
Don’t leave your finances to chance – take advantage of our free calculator right now to get on top of your budget. Once you’ve decided on the right mortgage for your needs, you will be able to approach your chosen lender without having to worry about being greeted by repayments that you weren’t prepared for!