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Calculating a Monthly Repayment Figure Using a Mortgage Calculator

Mortgage calculators can be useful for those applying for mortgages and for existing mortgage holders alike. Users can easily see the effect of different combinations of interest rates and terms on their monthly repayment figure using a mortgage calculator. You may be surprised to discover how much a small adjustment can affect your mortgage, on both a long and short term basis. There is a range of mortgage calculators available online, primarily located on various banking and finance websites. While some can vary dramatically in design, the majority of them follow a simple layout which allows users to input various details pertaining to their mortgage and then returns a result within seconds. In general most mortgage calculators will require that users initially submit the value of their loan. If a 100% mortgage is being considered the total value of the house will be requested, otherwise the selling price of the house and the value of the loan will be required. From here, the user is free to input varying information to examine their repayment options. The variables of any mortgage contract are of course the interest rate and the term. Other potential factors that can affect the repayments include initial deposits and preliminary payments. If a variable interest rate mortgage is being considered, the monthly repayment figure supplied by the mortgage calculator will usually only be provided for a brief period during which the interest rate is fixed. Therefore if the mortgage extends over 35 years, but the interest rate is fixed for a period of two years, the calculator will then supply a monthly repayment figure for the initial two years only. An excellent online mortgage calculator can be found at http://www.fsamortgagecalculator.co.uk/.

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