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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David

This was a fantastic service that helped with what ended up being quite a complicated mortgage. The communication and support provided throughout was first class, I’ll use them again without question. Thank you.

2 weeks ago

Rafa

My journey getting a mortgage with Moneyman was amazing. Starting with Dinah how she was listening to me and understanding im new to everything ending to advice me what to use to request mortgage. Then reaching to the best ever Stacey Moss and how...

1 month ago

Ami

Malcolm and his team have been great from start to finish. We’ve had weekend appointments and updates after the usual working hours which has been really appreciated and helped make the process of finding and securing a mortgage offer a lot less...

1 month ago

Stuart

Needed mortgage advise as a 50+ and thought it might be more difficult than it turned out thanks to Charlie. Questions answered in a timely fashion. Explanations easy to understood and with time to think.

2 months ago

Anonymous

Very helpful and they are with you every step of the way. Always there to answer any questions, which I had a few due to being a first time buyer. Amazing!

2 months ago

Rhoda

such a good complanythay is next to none. Staff are good as gold with a high level of professionalism. It will be worth mentioning that Jason Loft and LIzzi Roscoe worked so hard to help me achieve my dream of getting on to the property ladder....

3 months ago

Gemma

Efficient and helpful.

5 months ago

Rachel

The service we received from both Jason and Stacey has been excellent. We had quite long and stressful process from when we applied for our mortgage to getting our offer. In that time, both worked hard to get the application progressing as it should...

5 months ago

Fantastic service and clear explanations of all our options. Wayne has been a huge help in the process.

6 months ago

Marta

I had the pleasure of working with Jason from Sheffield Money Man, and I couldn't be more impressed with the experience. From the very beginning, Jason was incredibly professional, knowledgeable, and patient. They took the time to explain every step...

7 months ago

Abigail

very knowledgeable, everything explained very clearly. something that sempt complicated to me was made very simple and straight forward.

7 months ago

Paul

Great service from start to finish always at hand if needed and quick response Thanks guys

7 months ago

Craig

This company has been absolutely fantastic to work with. I was let down by my own bank when needing a mortgage. Sheffieldmoneyman helped me get a an excellent mortgage deal with cash back! My fixed rate mortgage is due to finish and they have been...

8 months ago

Michael

Always happy to renew with MoneyMan, fast and efficient

9 months ago

Benjamin

Fantastic team, we have brokered our original mortgage through them and our remortgage. Both times the team were eager to help and ensure we got the best deal for us. Special shout out to Daniel who just did out remortgage and was very...

9 months ago

Kieran

Massive help. Charlie went above and beyond. Would highly recommend

9 months ago

Darren

Would definitely recommend Sheffield Moneyman. Took all the stress out of getting the right mortgage. Will use again when my fixed rate ends.

10 months ago

Anonymous

This is the 3rd time I've used Sheffield Moneyman & I've not been disappointed.

11 months ago

Anonymous

I have been with them for almost 10 years now, with both my residential property and a buy-to-let, and they are really great. I have mortgaged and remortgaged many times to reflect changes in the properties, their value or to take advantage of...

11 months ago

Sean

leo & stacey have been amazing helped us get a mortgage and put any worries or stress to ease highly recommend

11 months ago

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