Why Use The Maximum Mortgage Calculator?
Once you input your monthly obligations and income, the Maximum Mortgage Calculator will calculate the maximum monthly mortgage payment (and total mortgage amount) that you can afford, based on your current financial situation. This calculator will also help to determine how different interest rates and levels of personal income can have an effect on how much of a mortgage you can afford.
How To Use The Maximum Mortgage Calculator
Not sure where to start? Let us help you:
- Input the interest rate you expect to pay on your mortgage – if you aren’t sure of this yet leave the default value as this is representative of the current market average
- Select a loan term from the drop-down menu – this is the number of years over which you will repay your mortgage
- Add your monthly income and that of your co-borrower (spouse, family member, etc)
- Under Monthly Liabilities, add any regular repayments you make on a monthly basis
- The final section is Monthly Housing Expenses; select the relevant answers from the drop-down lists provided - if you don’t know the answers yet, leave the default values there
- Click View Report to see a graph displaying the maximum amount you can borrow depending on the interest rate, based on your financial circumstances.
Who is this Calculator for?
The Maximum Mortgage Calculator is most useful if you:
- Want to know exactly how much you can safely borrow from your mortgage lender
- Are assessing your financial stability ahead of purchasing a property
- Would like to compare the impact of different interest rates on the amount you can feasibly borrow.
My result came out higher than the amount I wish to borrow – what now?
Now that you have ascertained that you are in a strong enough financial situation to sustain the purchase of your desired property, you need to set about getting in touch with some mortgage providers.
Fortunately, we have made this process very easy for you. Simply click the Get FREE Quote button and you will be taken through a very brief set of questions. We will then ask our carefully selected lenders to contact you directly with the very best quotations they can provide. By reaching out to lenders this way, you get the best deal possible and are saved the effort of contacting them yourself – it couldn’t be simpler!
What are my options if the result is less than I need?
In this case, you may find that adjusting the loan term enables you to meet your requirements. Although it will mean repaying more in total over the course of your loan, the lower monthly repayments could help you to afford more than your initial result suggests.
Alternatively, you can experiment with different interest rates – to get the best options delivered directly to you, click the Get the FREE Quote button to get in touch with lenders who will be able to assist you.