Welcome to JP Listings' Mortgage Calculator
Easily calculate your mortgage payments.
Welcome to our mortgage calculator, an effective tool that simplifies estimating your monthly payments. Whether you’re a first-time homebuyer or looking to refinance your existing mortgage, our calculator provides valuable insights into your potential monthly payments, helping you plan your home financing with confidence.
How a mortgage calculator can benefit you
Make Calculated Decisions
Compare various loan options by adjusting factors like loan amount, interest rate, and loan term, aiding you in making informed choices about which loan best suits your financial circumstances.
Save time and money
Estimate your monthly payments precisely, enabling you to plan your budget efficiently and avoid committing to a mortgage that exceeds your financial capacity.
Gain Financial Confidence
By understanding how various factors affect your monthly payments, you can ensure that you select a mortgage that aligns with your financial goals.
Answers to your inquiries regarding mortgage and how much you could potentially borrow with a mortgage
A mortgage is a loan provided by a bank, lender, or financial institution to assist an individual or business in purchasing a home.
Banks and building societies typically lend between 4 to 4.5 times your combined household income. They prioritize assessing your monthly income and expenditures to determine a comfortable repayment amount.
Typically, you’ll need a minimum deposit of 5-10% of the home you wish to purchase. A 25% deposit provides access to better mortgage deals, while a 40% deposit opens up the best deals available.
Set a target and save it as soon as you get paid.
Take out a Lifetime ISA, the government chips in 25% if you save £4,000 each year.
Reduce your rent as much as possible, can you live with parents or friends?
Consider Shared Ownership, which requires a smaller deposit.
There are various types of mortgages available, including repayment and interest-only mortgages, as well as fixed-rate, tracker, and standard variable rate mortgages.
The mortgage approval process typically ranges from two to six weeks. Once approved, most mortgage offers remain valid for six months. To secure a favorable deal, consider contacting the lender or a mortgage broker in advance.
At Mojo Mortgages, you can start by filling out a brief questionnaire, taking about 8 minutes, and then schedule a consultation with one of their experienced mortgage brokers. They’ll thoroughly search the market on your behalf, arrange a mortgage in principle, and facilitate a mortgage offer for you.
Traditionally, homebuyers often opted for a 25-year mortgage. However, lenders now offer longer terms extending over 30 to 40 years or more, depending on your age, to help distribute the mortgage cost. Longer terms are gaining popularity as they lower monthly payments, improving affordability. Yet, extending the mortgage term increases the total interest paid. When applying for a mortgage, you can select a term that suits your financial comfort.
LTV is quantified as a percentage, reflecting the mortgage size relative to the home’s purchase value. A larger deposit reduces the LTV, while a smaller deposit increases it.
Lenders frequently adjust the rates of their mortgage products. Our mortgage calculator incorporates an average rate from the six largest UK lenders to estimate monthly repayment figures. You can also monitor average UK mortgage rates and track their changes week-over-week. Compare rates across various loan-to-value (LTV) percentages for a comprehensive view.
A Mortgage in Principle, also known as a Decision in Principle (DIP) or Agreement in Principle (AIP), is a document from a lender that indicates how much they might be willing to lend you based on a preliminary assessment of your financial situation. It is not a guarantee that you will be approved for a mortgage, but it provides a useful indication to estate agents and sellers that you are a serious buyer.