Mortgages Calculator Guide
Return to Mortgage Calculator
Calculator Inputs:
- House Value - Enter your house value as declared to the mortgage lender. This will often be established in a survey commissioned by the mortgage lender.
- Mortgage Amount - Enter the amount you want to borrow. You may choose to add fees into this mortgage amount or pay them seperately.
- Mortgage Length - Length of the mortgage in years and months.
- Mortgage Rate - The annual interest rate for your mortgage. Note some countries create a "special rate" that tries to build in the affect of fees for comparability. (e.g UK uses APR). Do not use this one.
- Type - Select here whether your mortgage is an interest only mortgage (where you don't pay down the value of the house) or a capital repayment mortgage (so you gradually own the house)
- Monthly Overpayment - If you expect to make a regular monthly overpayment in addition to the monthly repayment amount in your mortgage agreement. Input it here.
Calculator Results:
- Monthly Repayment - This is the monthly payment amount that you have to pay in order to pay off your mortgage in entirety by the end of the mortgage period. For repayment mortgages, this helps you completely own the house. If you have an interest only mortgage, this pays off the interest only each month and you don't own the house at the end.
- Total Interest - The sum total of all the interest you will pay on the mortgage over the entire length.
- Total Capital - The value of your mortgage that you pay off (and gradually own your house)
- Total Payments - The sum value of all the payments you make over the entire mortgage. This equals your total interest plus your total capital.
Mortgages Deal Cruncher Guide
Return to Mortgage Deal Cruncher
Calculator Inputs:
- House Value - Enter your house value as declared to the mortgage lender. This will often be established in a survey commissioned by the mortgage lender.
- Mortgage Amount - Enter the amount you want to borrow. You may choose to add fees into this mortgage amount or pay them seperately.
- Mortgage Length - Length of the mortgage in years and months.
- Mortgage Rate - The annual interest rate for your mortgage. Note some countries create a "special rate" that tries to build in the affect of fees for comparability. (e.g UK uses APR). Do not use this one.
- Type - Select here whether your mortgage is an interest only mortgage (where you don't pay down the value of the house) or a capital repayment mortgage (so you gradually own the house)
- Deal Length - Length of the mortgage deal you are considering in years and months (often 2, 3 or 5 years). We evaluate the costs and benefits of the deal over this period.
- Arrangement Fee - You may be charged an arrangement fee by your lender to take out the mortgage. Input the amount here. If this is a % fee, then multiply the mortgage amount by the % to get the amount.
- Legal & Survey Fee - You may incur legal costs and house survey costs to switch mortgage lenders. Sometimes these are included in the deal. If you have to pay these fees, add the cost in here.
- Exit Charge - If you are breaking out of an existing deal before it ends, you may be charged an "exit charge" or an early repayment charge which is a % of the value of the mortgage remaining. If so, add the % charge in here and we will calculate the amount.
- Add Fees To Mortgage Amount - If you will add the arrangement, legal fees, survey fees and exit charge costs to the mortage amount, select "yes" here. If not, then select "no".
Calculator Results:
- Monthly Repayment - This is the monthly payment amount that you have to pay in order to pay off your mortgage in entirety by the end of the mortgage period. For repayment mortgages, this helps you completely own the house. If you have an interest only mortgage, this pays off the interest only each month and you don't own the house at the end.
- Deal Period Interest Cost - The amount of interest you are charge over the period of the mortgage deal you are considering.
- Deal Fees Cost - The sum total of legal fees, survey fees, exit charges and arrangement fees for the deal.
- Deal Total Cost - Deal interest plus deal fees cost. You want this to be as low as possible ideally. To compare deals fairly, compare them for the same monthly payment.
- Mortgage Reduced By (Capital Repaid) - The amount of mortgage you paid off after paying down all the interest. This will include the amount of fees paid off if they are added to the mortgage amount upfront.
- Deal Bottom Line - The deal bottom line looks at the cost (high cost is bad, low cost is good) and takes the capital paid away from the cost. So the smallest or most negative result is the best deal.