Remember that you’re unlikely to pay the same interest rate throughout your mortgage term though, as most deals only last for a few years. You’ll also see exactly how much interest you’ll pay overall, and when you use our mortgage repayment calculator, overpayments can also be added to see how this can help bring the total amount you’ll pay down. You can then enter these figures into our mortgage repayment calculator, then it’ll crunch the numbers and tell you how much your mortgage repayments might be every month, as well as the total amount you’ll pay over the term. To work out exactly how much you’ll pay every month, you’ll need to know how much you want to borrow, over how many years, and what interest rate you’ll be paying. Once you’ve got an idea of how you’d like to repay your mortgage and how much you can borrow you can get started and calculate mortgage repayments based on the amount you need. If you’re not sure which mortgage deal is likely to be most cost-effective for you based on your individual circumstances, our expert advisers can run you through the available options to make sure you’re getting the best deal possible. If you choose a shorter term, your monthly payments might be higher, but you’ll reduce the total amount of interest you need to pay back, as you’ll be paying off the loan more quickly. On a repayment mortgage the longer the mortgage term you choose the cheaper your monthly payments will be, but you’ll end up paying back more overall. You can find out more about this in our repayment vs interest only guide and use our interest only mortgage repayment calculator to find out how much you can expect to pay. If it’s interest only you’ll just be paying the interest rather than reducing the amount you owe. If your mortgage is a repayment mortgage you’ll make monthly mortgage repayments which cover both the capital you borrowed and the interest due. The cost of your mortgage depends on several factors, including how much you’re borrowing, your mortgage term, and the rate of interest you’re paying.
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