Use the new mortgage payment predictor to estimate the affect of variable interest rates on your monthly mortgage payment and total costs.

Mortgage Predictions

Is there a crystal ball that you can look through and see how much your mortgage will cost you over it’s entire term?

Well, there is if you can fix your mortgage interest rate for the entire term of the loan – if you can’t and are taking advantage of short term fixed rates or variable rates that track the lenders or Bank of England interest rates then it’s a lot more tricky.

Our Mortgage Predictor lets you get a glimpse of the changes that occur when interest rates are at the mercy of your lender and the economy in general.

Using it you can enter all your mortgage details in and select your outlook on the future economy – from good to poor.

The calculator will adjust the rates depending on your choice and alter the mortgage payments, proportion of interest/capital and show you the changes.

Lets try this with a £100,000 mortgage, spread over 25 years at 3.5% for the first 3 years and reverting to 7.99% after – (assuming there is not remortgage afterwards) – and set the outlook of the economy to poor (getting into double digit interest rates).

You would start of with a £500.62 a month repayment – but end with a £742.58 when rates revert.

If the economy was poor the and the lenders rates hover between 12% and 16% the payments would fluctuate from £993 to £1,240 a month.

You would end up paying an additional £105,000 in interest.

Alternatively you could have a good outlook and in that case rates would stay low and you save £35,000 in interest.

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Disclaimer

This site is designed to give you an understanding of financial products out in the wild, preparing you for proper professional advice.

We have provided guides, tools, a selection of deals (lowest rate and/or fees) but expect you to seek full professional advice with a whole of market adviser before making any decision.

Use the information provided at your own risk, we're not providing advice and errors can be made. Calculations made on the site are estimates, therefore in places assumptions or approximations may be used. We cannot accept responsibility nor are liable for any mistakes.

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Please read our full disclaimer.

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