A mortgage rate calculator is a helpful tool for working out what the financial costs of a particular mortgage might be. We provide a mortgage rate calculator on this site – follow the link below to find it.
The calculator is quick and easy to use. All you need to do is input the following details:
- Value of the mortgage.
- Interest rate attached to the mortgage.
- Duration over which the mortgage needs to be paid off.
- Method of interest calculation.
The mortgage rate calculator will then work out the size of the repayments you will need to make.
It will also offer the answer in two forms:
- Interest-only loans, for which only the interest is paid off in each instalment; remember that with this kind of mortgage, you will need to repay the full body of the loan at the end of an agreed period.
- Repayment loans, where each payment covers both interest and part of the body of the loan.
