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The Benefits of Using a Mortgage Loans Calculator

Major mortgage lenders have a handy mortgage loans calculator on their website. The easy to use calculator lets you enter your preferred options for a mortgage. For example, if you are looking at a mortgage of £75,000 repaid over a 25-year term than you would enter this on the calculator and it will give you a rough estimation of how much your mortgage repayments will be each month. Some calculators also tell you how much in interest you may be paying over the entire period, although this is only an estimated figure.

By far the most helpful mortgage loans calculator is found on the various mortgage comparison websites. Money Supermarket has a mortgage loans calculator, which covers the top five mortgage lenders on the high-street. This is extra useful as you are able to see who is offering the best terms and conditions. The Motley Fool website also has a calculator, which contains more specialist lenders including institutions only available online.

The British Broadcasting Corporation (BBC) website also has a mortgage loans calculator, which allows you to enter the interest rate as well as the amount borrowed and mortgage term. This enables you to look at a variety of offers from the mortgage lenders of your own choosing. You can also work out what the highest ever interest rate for a particular lender has been, enabling you to work out a worst case scenario before you commit yourself.

Taking out a mortgage is a serious business and you should be 100% sure you will not be overstretching yourself with the mortgage payments. Because your mortgage is secured on your home, you face repossession if you fail to make the mortgage repayments on time.

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