Mortgage Payment Calculator

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Calculators are big help, but they don't tell the whole story

Most lenders' sites offer a mortgage payment calculator which makes it easy to work out how much you can borrow and how much the repayments are likely to be. However, such calculators are very basic and it's important to take other factors into consideration.

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A mortgage payment calculator helps you decide whether you can afford to buy the home of your dreams and how much the repayments will be, but it's important to remember that the figures produced are very basic. If interest rates change, so will your repayments and the calculators rarely include some key figures.

When you use a mortgage payment calculator it works out the total amount of your loan, usually over 25 years, and then divides that to get the monthly payment. It doesn't include insurance payments buildings insurance is required by most lenders or payment protection insurance, and as a result the monthly repayment is likely to be much higher than the quoted figure.

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