Mortgage Calculator

How does the calculator work?

Our mortgage calculator helps you figure out what mortgage rates you can afford, as well as giving you an in-depth report on everything else you need to know.

Enter your pre-tax income (plus that of your partner, if applicable), your mortgage term in years, the price of the property and what sort of deposit you can afford. Our calculator will work out everything else. You’ll then get a report of everything you need to know about your desired mortgage, including:

  • A full breakdown of the price over the mortgage term
  • An estimate of disposable income after payment
  • How much stamp duty and other fees you’ll need to pay
  • Easily laid out information in graph form

Please be aware that this calculator is based on the best information we could find. Although it’s as accurate as possible and constantly updated, we’d still recommend contacting Rite Mortgages for extra advice.

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Mortgage Calculator & Affordability Report

More than just a mortgage calculator our mortgage affordability report will help you decide whether or not you can afford a mortgage.

Overview

RequestedAffordable
Purchase Price£160000£176000
Mortgage£120000£136000
Deposit£40000£40000
Interest Payable Over Term£70025£79358
Total Payable (Capital and Interest)£190025£215358
Loan To Value (LTV)75%77%
Term25 years25 years
Monthly Payment£633£718

Summary

Requested
On a mortgage of £120000 at 4% you are looking at repayments of £633 per month for 25 years.

Affordable
On a mortgage of £136000 at 4% you are looking at repayments of £717.86 per month for 25 years.

Most mortgage lenders will lend up to a maximum of between 4 and 4.5x the gross (before tax) income of your household. This means to qualify for the mortgage, you will need to have a total household gross annual income of at least £32000

As a result of the recent Mortgage Market Review mortgage lenders must take into account all discretionary expenditure and financial dependants (including non-working adults living in the household) when deciding your eligibility and affordability for a mortgage.

With any property purchased at a price over £125,000, you will need to apy a government levy tax of £300 , this is known as Stamp Duty Land Tax (or Land and Buildings Transaction Tax in Scotland).
Start BalanceMonthly PaymentAnnual PaymentCapital PaidInterest PaidTotal Capital paidTotal Interest PaidEnd BalanceTotal Cost To Date
£136000£717.86£8614.3£3233.14£5381.16£3233.14£5381.16£132766.86£8614.3
£132766.86£717.86£8614.3£3364.87£5249.43£6598.01£10630.59£129401.99£17228.6
£129401.99£717.86£8614.3£3501.96£5112.34£10099.97£15742.93£125900.03£25842.9
£125900.03£717.86£8614.3£3644.63£4969.67£13744.6£20712.6£122255.4£34457.2
£122255.4£717.86£8614.3£3793.12£4821.18£17537.72£25533.78£118462.28£43071.5
£118462.28£717.86£8614.3£3947.66£4666.64£21485.38£30200.42£114514.62£51685.8
£114514.62£717.86£8614.3£4108.49£4505.81£25593.87£34706.23£110406.13£60300.1
£110406.13£717.86£8614.3£4275.88£4338.42£29869.75£39044.65£106130.25£68914.4
£106130.25£717.86£8614.3£4450.08£4164.22£34319.83£43208.87£101680.17£77528.7
£101680.17£717.86£8614.3£4631.39£3982.91£38951.22£47191.78£97048.78£86143
£97048.78£717.86£8614.3£4820.08£3794.22£43771.3£50986£92228.7£94757.3
£92228.7£717.86£8614.3£5016.45£3597.85£48787.75£54583.85£87212.25£103371.6
£87212.25£717.86£8614.3£5220.83£3393.47£54008.58£57977.32£81991.42£111985.9
£81991.42£717.86£8614.3£5433.54£3180.76£59442.12£61158.08£76557.88£120600.2
£76557.88£717.86£8614.3£5654.91£2959.39£65097.03£64117.47£70902.97£129214.5
£70902.97£717.86£8614.3£5885.3£2729£70982.33£66846.47£65017.67£137828.8
£65017.67£717.86£8614.3£6125.07£2489.23£77107.4£69335.7£58892.6£146443.1
£58892.6£717.86£8614.3£6374.62£2239.68£83482.02£71575.38£52517.98£155057.4
£52517.98£717.86£8614.3£6634.33£1979.97£90116.35£73555.35£45883.65£163671.7
£45883.65£717.86£8614.3£6904.62£1709.68£97020.97£75265.03£38979.03£172286
£38979.03£717.86£8614.3£7185.93£1428.37£104206.9£76693.4£31793.1£180900.3
£31793.1£717.86£8614.3£7478.69£1135.61£111685.6£77829£24314.4£189514.6
£24314.4£717.86£8614.3£7783.39£830.91£119468.98£78659.92£16531.02£198128.9
£16531.02£717.86£8614.3£8100.49£513.81£127569.48£79173.72£8430.52£206743.2
£8430.52£717.86£8614.3£8430.52£183.78£136000£79357.5£0£215357.5
Start BalanceMonthly PaymentAnnual PaymentCapital PaidInterest PaidTotal Capital paidTotal Interest PaidEnd BalanceTotal Cost To Date
£120000£633£7601£2852.77£4748.23£2852.77£4748.23£117147.23£7601
£117147.23£633£7601£2969£4632£5821.77£9380.23£114178.23£15202
£114178.23£633£7601£3089.96£4511.04£8911.74£13891.26£111088.26£22803
£111088.26£633£7601£3215.85£4385.15£12127.59£18276.41£107872.41£30404
£107872.41£633£7601£3346.87£4254.13£15474.46£22530.54£104525.54£38005
£104525.54£633£7601£3483.23£4117.77£18957.69£26648.31£101042.31£45606
£101042.31£633£7601£3625.14£3975.86£22582.83£30624.17£97417.17£53207
£97417.17£633£7601£3772.83£3828.17£26355.66£34452.34£93644.34£60808
£93644.34£633£7601£3926.54£3674.46£30282.21£38126.79£89717.79£68409
£89717.79£633£7601£4086.52£3514.48£34368.72£41641.28£85631.28£76010
£85631.28£633£7601£4253.01£3347.99£38621.73£44989.27£81378.27£83611
£81378.27£633£7601£4426.28£3174.72£43048.02£48163.98£76951.98£91212
£76951.98£633£7601£4606.62£2994.38£47654.63£51158.37£72345.37£98813
£72345.37£633£7601£4794.3£2806.7£52448.93£53965.07£67551.07£106414
£67551.07£633£7601£4989.62£2611.38£57438.56£56576.44£62561.44£114015
£62561.44£633£7601£5192.91£2408.09£62631.47£58984.53£57368.53£121616
£57368.53£633£7601£5404.48£2196.52£68035.94£61181.06£51964.06£129217
£51964.06£633£7601£5624.66£1976.34£73660.61£63157.39£46339.39£136818
£46339.39£633£7601£5853.82£1747.18£79514.43£64904.57£40485.57£144419
£40485.57£633£7601£6092.31£1508.69£85606.74£66413.26£34393.26£152020
£34393.26£633£7601£6340.52£1260.48£91947.27£67673.73£28052.73£159621
£28052.73£633£7601£6598.85£1002.15£98546.11£68675.89£21453.89£167222
£21453.89£633£7601£6867.7£733.3£105413.81£69409.19£14586.19£174823
£14586.19£633£7601£7147.5£453.5£112561.3£69862.7£7438.7£182424
£7438.7£633£7601£7438.7£162.3£120000£70025£0£190025

Other Costs

CostAmountDescription
Stamp Duty£700 (£300)A tax paid to the government when you buy a property in the UK over a certain price. England & Wales (Scotland).
Solicitors Fees£350 - £2000 + VATThis is to cover the legal work involved in purchasing a property, both buyers and sellers will require a solicitor to facilitate the transaction.
Mortgage Booking Fee£0 - £250Some lenders will charge you this to when applying for a mortgage, may be refundable should your application fail.
Valuation Fee£150 - £1500Most lenders will want to get the property valued to ensure it's worth the amount being applied for. On some deals this cost may be covered by the lender.
Searches£200 - £300Usually performed by your solicitor, this cost is to check with the local council any planning or local issues that may affect the property

About

More than just a mortgage calculator our mortgage affordability report will help you decide whether or not you can afford a mortgage. Our repayment calculator gives you an idea of what your monthly mortgage payments might be for a particular loan. Enter your and your partners income (before tax), the preferred mortgage term (in years), your interest rate, property price and deposit to find out what it will cost each month.

Once you have inputted your details our mortgage calculator will create:

  • A useful mortgage affordability report that includes mortgage repayment schedule details
  • A forecast of disposal income
  • Calculation of other costs and fees including Stamp Duty.
  • A set of diagrams that provide a visual overview of the mortgage detail.

*This mortgage calculator gives an indication only of what your monthly mortgage repayments will be for different rates, terms and amount of mortgages, it does not constitute advice. The mortgage calculator is dependant on the rates you input and does not include any introductory offers, discounts or fixed rates coming to an end and subsequent rate changes. The figures do not include the cost of buildings or life insurance.

Looking for help finding your ideal mortgage rate? Rite Mortgages can help. Get in touch with our mortgage brokers and we’ll search the entire market to find the rate you want.
Call 0141 339 7050

Testimonials

Charlotte

Buying my first flat couldn’t have been easier… it was really simple.

John & Sue

We had almost given up hope of remortgaging our house because of our age… we now have a mortgage we can afford.

Andy

The bank told me that since I’m self employed I couldn’t get a mortgage. You got it in 2 weeks.

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