Mortgage Repayment Calculator FAQs

Is the mortgage calculator accurate?

Our mortgage calculator gives a helpful estimate of your potential monthly payments based on your mortgage amount, interest rate and term length.

However, the accuracy of the calculator can vary depending on the accuracy of the information provided.

While a calculator is a great starting point, for precise figures it’s always best to speak to a mortgage advisor who can take all factors into account and tailor advice to your specific circumstances.

How do interest-rates affect my mortgage payments?

Interest rates play a key role in determining the cost of your monthly mortgage payments.

When interest rates are low, your payments are likely to be lower as more of your payment goes towards paying off the capital.

However, if interest rates rise, your monthly payments will increase, as a larger portion will go towards covering the interest.

Whether you have a fixed-rate or variable-rate mortgage will also impact how sensitive your payments are to changes in interest rates. A fixed-rate mortgage offers stability by keeping payments the same, while a variable-rate mortgage can fluctuate with market conditions.

If you’re uncertain, speaking with a mortgage broker like us can help you understand how future interest rate changes might affect your budget.

How is my loan value over time worked out?

Your loan value decreases over time as you make your monthly mortgage payments, with each payment contributing towards both the interest and the loan balance (the principal).

The speed at which the loan decreases depends on the type of mortgage you have. With a repayment mortgage, each payment gradually reduces both the interest owed and the principal, so your loan balance decreases steadily.

With an interest-only mortgage, you’re only paying the interest each month, meaning the loan balance remains unchanged until you repay the capital in full at the end of the term.

How much can I borrow for a mortgage?

The amount you can borrow depends on several factors, including your income, outgoings, credit history, and the size of your deposit.

Lenders often use a multiple of your annual salary (typically around 4 to 4.5 times your income) as a guide, but they will also assess your affordability based on your monthly expenses and financial commitments.

For a quick and personalised estimate, you can use our How Much Can I Borrow Calculator to get an idea of your potential borrowing capacity.

For more detailed advice tailored to your situation, speaking to a mortgage broker is always a smart next step.

Should I use a mortgage broker?

Using a mortgage broker can make a significant difference when navigating the mortgage process. Brokers have access to a wide range of lenders and deals that may not be available directly to the public.

They can help you find the most suitable mortgage based on your financial situation and preferences, saving you time and potentially securing better rates.

As a broker, we also handle much of the paperwork and liaise with lenders on your behalf, simplifying the process from start to finish.

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Mr Devmith

Daniel was very knowledgeable, friendly and took the time to speak with me and take my point of view into consideration as well. Definitely a return customer!

1 week ago

Joan

Great service

1 month ago

Anonymous

Great company, I have been working with them across many years fo me two properties (a residential mortgage and a buy-to-let), remortgaging many times and always getting sensible advice. In the end they save you a lot of money and time.

1 month ago

Anonymous

Really listened and understood what I needed from my insurance, and did a good job finding something aligned with my price point. I felt they had an in-depth understanding of the market, and used this information to provide me with a tailored...

1 month ago

Mr James

Daniel was brilliant start to finish. Professional, thorough and most of all very patient and accommodating. Reassured me all the way and ensured I'll 100% be using his services again. I hope his hard work is appreciated in the company, thanks very...

1 month ago

Kelly

Best company to use!! Tom and stacey have been amazing! Has a first time buyer I wasn't sure of much of the mortgage process. Tom explained everything to me in terms I would understand and has been great in keeping me up to date. Stacey has carried...

2 months ago

Anna

Chris has been absolutely fantastic walking us through the process of buying our home as clueless first time buyers! All questions were answered promptly and we were able to have evening meetings with him to work around our working hours. Chris has...

2 months ago

James

Extremely helpful and informative

2 months ago

Anonymous

Answered all my questions and very worry free

2 months ago

Miss Megan

I came to Moneyman for help with my first home purchase. Jason and the team went above and beyond to answer every question I had, as well as break down every step that I needed to take with care and professionalism. All correspondence was answered...

2 months ago

Mr Paul

Would highly recommend Leedsmoneyman, have used them every time since securing our mortgage first time around. Lewis Davidson & Daniel Dunning-Hornby have been especially helpful and always on hand when needed

3 months ago

Lisa

Always on hand

3 months ago

Adam

Really quick & helpful

3 months ago

Arvind

As ever, we've had a great experience. Daniel was patient with all our queries and clear in his response. Thank you.

4 months ago

Jahanzaib

Very happy with mortgage deal very good and professional

6 months ago

Samantha

I've used the twice now and they have been exceptional each time. Have also recommended to friends and family, who have had a great service. Completely smooth and seamless process, friendly staff, great communication. Couldn't ask for more.

6 months ago

Jahanzaib

Very happy with service and the mortgage deal provided by Leeds moneyman

6 months ago

Jamie

Chris and Kerry were fantastic, really helpful throughout the whole process. Very friendly and informative. Would highly recommend.

7 months ago

Amy

Great broker company. Chris and Kerry were amazing. They were always on hand to help us and chased our solicitors and calmed us when things weren’t going the way it should. We can’t thank them enough.

8 months ago

Chris

Jason and Jo were very helpful and supportive all the way through the process. They provided me with great support from a mortgage point of view and a mental health point of view (they answered all my worries in a timely manner). I would 100%...

8 months ago