Use this calculator to show your monthly mortgage repayments. Start by entering your mortgage, the term in years and the interest rate. For a new mortgage deal have a look at our Mortgage Best Buys.
The interest rate for the mortgage depends the deposit you make for the property. As an example, making a 10% deposit will mean the Loan To Value (LTV) will be 90% and making a 30% deposit means an LTV of 70%. The higher the deposit the lower the interest rate per month and the lower the total interest paid at the end of the mortgage.
The calculator assumes you re-broke the mortgage at the end of your introductory offer to a similar rate and continuously thereafter. However, the interest rate could be higher in the future and this would increase the cost of the mortgage.
You can find examples of interest rates to use for this calculator in our Mortgage Best Buys.
Term in years
The longer the term the lower the monthly costs although the total amount of interest you pay will be higher. The longest mortgage from lenders is 40 years although you can select shorter terms such as the usual 25 years or less which would reduce the total interest paid for the mortgage.
Many lenders allow you to make overpayments of up to 10% of the outstanding balance each year. The calculator shows you how much you can save in interest and how many years of repayments you can save if your mortgage ends early.
Enter the monthly amount of overpayment you wish to make, and you can also enter a single lump sum payment. Tell us when you intend to apply this single payment in the future (number of months) such as 18 months or 34 months time and so on.
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Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. London City Mortgages do not charge any upfront fees. A fixed fee is only charged upon completion of an Equity Release.
Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.
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London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.