Calculating mortgage for United Kingdom is simple process now. It is so because you may use our simple UK mortgage calculator to calculate the amount that you can borrow from the bank or other financial institutions for buying a house or other real estate. In addition to this we gave formula to calculate mortgage below so that you also have knowledge of calculating mortgage manually or calculating mortgage with formula.
What is mortgage?
Mortgage is a term that is quite often used in financial sector as it is a way to apply for loan. However for this you use your property or a building or it can be house or even land as these things act like guarantee against the amount you borrowed.
Mortgage loan amount
Like we said above there is mortgage system and in similar manner there is mortgage loan amount which has another name as mortgage. On other hand many people prefer going ahead with mortgage loan so that they can buy property or other real estate things and pay the amount slowly.
To know as to how much mortgage loan amount you can takethis mortgage calculator helps you to calculate the amount of mortgage you will be eligible to borrow.Further you will have idea of formula that you use to calculate mortgage in following paragraphs.But for now you check steps to use this UK mortgage calculatorgiven below –
How to use mortgage calculator for UK
To calculate mortgage and especially mortgage monthly repayment you follow below steps as it tells you about how to use a mortgage calculator –
- First you enter the amount that you require as mortgage
- In the next field you enter the repayment period
- This duration is number of years in which you will repay mortgage loan amount
- Finally you will have to enter the rate of interest because this interest rate is most important detail in calculating mortgage in United Kingdom
- And once you fill all these details you click on ‘calculate’ tab
Know how to calculate HST in Canadain simple steps. But for this you have to read another article on Canadian HST calculator.
Points to remember
After you enter above stated details you get to know values such as (1) monthly repayment (on mortgage amount) (2) only interest on loan amount. Thus you know exact repayment amount; however you remember one more point here and it is that the amount which calculator shows is as perdetails entered by you.
So, if you wish to change some details which are already enteredthen you can do so by clicking on ‘clear’ tab. And when you click on this tab, values entered on website will disappearso that you type again all details before tapping calculate tab.
How do I calculate mortgage in UK manually?
There is a simple formula that you use to calculate mortgage for properties in United Kingdom and this formula is listed below. All you have to do is enter values in place of required fields and find the result at the end.
Formula to calculate mortgage in United Kingdom
In this mortgage calculator formula, P is principal while r stands for rate or interest rate or rate of interest. In addition there is ‘n’ which means that it is number of payments. Finally there is M that is nothing but monthly payments or monthly mortgage payments.
When you add details to this ‘calculate monthly repayment for mortgage formula’ you will get to know the resultright away. However you may use either mortgage calculator formula or you may even use simple mortgage calculator for calculating mortgage in United Kingdom.
Even idea of VAT calculator for UK will be of help so you may know how to calculate VAT in United Kingdom with the help of a simple calculator.