Work Out Your Potential Repayments

The Mortgage Payments Calculator offers a helpful estimate of your potential monthly payments based on the information you provide, such as loan amount, interest rate, and repayment term.

However, it’s important to remember that this is only a rough estimate. The actual payments can vary depending on factors such as the specific mortgage product, your credit history, and any additional fees or charges applied by the lender.

For a more accurate and tailored calculation, it’s best to speak with one of our mortgage advisors in Durham, who can provide personalised advice based on your full financial circumstances.

Yes, your mortgage payments can vary depending on the type of mortgage you choose in Durham.

For instance, with a fixed-rate mortgage, your payments remain the same throughout the fixed term, offering stability and predictability.

In contrast, a variable-rate mortgage can fluctuate, as payments are influenced by changes in the lender’s standard variable rate (SVR) or other benchmarks, such as the Bank of England base rate.

Interest-only mortgages differ even further, as you’ll only pay the interest each month, with the loan balance being due at the end of the term.

Choosing the right type of mortgage can have a big impact on your payments, so it’s always best to speak to a mortgage broker in Durham like us to understand which option is best suited to your needs.

The loan term plays a significant role in determining your monthly mortgage payments in Durham.

A longer loan term, such as 30 or 35 years, typically results in lower monthly payments, making the mortgage more affordable in the short term.

However, because you’re spreading the payments over a longer period, you’ll end up paying more interest overall. This can significantly increase the total cost of your mortgage over the life of the loan.

On the other hand, a shorter loan term, such as 15 or 20 years, means higher monthly payments but less interest paid in the long run.

While your monthly payments will be larger, you’ll pay off the mortgage more quickly and save money on interest over time.

For tailored advice on finding the right loan term, it’s best to speak with a mortgage broker in Durham like us who can help assess your options based on your financial situation.

Yes, making overpayments on your mortgage can help reduce your monthly payments or shorten your mortgage term, depending on how your lender applies the overpayments.

Some lenders allow you to make overpayments without penalties, which can significantly reduce the amount of interest you pay over time.

By overpaying, you lower the outstanding balance faster, which can lead to smaller payments in the future or allow you to pay off your mortgage earlier.

Before making overpayments, it’s important to check your mortgage agreement or speak with a mortgage broker in Durham to understand any potential restrictions or fees.