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Work out your monthly mortgage payments at different interest rates, make additional payments on your mortgage each month to work out reductions. Compare repayments on a mortgage with different interest rates and more.
© 2008 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
Capital and Interest Mortgage Calculator
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See how much your mortgage repayments could be
This new and improved mortgage calculator now supports capital and interest mortgages. You can work out the repayments on a mortgage by quoting the purchase price of the property, the down payment, interest rates and mortgage term. You can also make additional payments every month to see the difference over a period of time.
So what is a capital and interest mortgage?
A capital and interest mortgage is one of the most usual types of mortgage . The monthly repayment made by the borrower includes a repayment of capital borrowed and an amount for the interest charged. At the start of the mortgage most of the payment is used to cover the interest only and only a small amount is paid towards reducing the mortgages capital. Over the term of the mortgage more and more of the monthly payment is composed of paying back the capital borrowed. As long as the monthly payments of repayments are always made on time the mortgage is guaranteed to be paid off at the end of the term
The capital and interest mortgages or sometimes known as the repayment mortgage pays back both the interest and the capital. You own the property at the end of the mortgage term. This is often the most popular mortgage sold in the UK. AS the risk is very small and the customer always knows where they stand.
One point to consider is the term of the loan. If you double the monthly payments on a 25-years mortgage the term will not be 12.5 years, as you would expect, the term will in effect be just over 7 years.
Features:
- Simple Interface
- Offers monthly and yearly repayment information
- Switchable Durations
- Capital and Interest Repayment Information
- Enter your own interest rate and repayment period
Download:
Supported By:
Windows 98/ME/2000/XP/NT OS2
Size:
284kb (0.26mb)
Updates:
No updates are currently available or have been planned for this application.
While you're here why not take a look at
Downloadable Capital and Interest Calculator (Packed with features)
Download this small sized application to work out capital and interest repayments.
You are freely allowed to distribute this tool or feature it on your own website.
Licence:
Free (Re-distribution of this software is free)
Bugs:
No Known Bugs
Part of the Michael J Alexander Group
