Mortgages About our mortgage calculator
Take fees and charges into account as well as the interest rate
The Which? mortgage finder takes the hard work out of finding a mortgage, comparing thousands of mortgages and their associated fees to help you decipher the options based on their total cost.
You can use the information generated by the mortgage calculator to help you work out whether the advice you're getting from your mortgage broker is good quality or you could even use it to haggle for a better deal with your existing lender. You can also check our Best mortgage rates tables (updated weekly) to find the best deals on fixed, tracker and discounted mortgages.
No matter how confident you are, you should always take independent mortgage advice too. Our guide to choosing a financial adviser can help you get started when it comes to tracking one down. However, do your own research beforehand and read our guide to getting good mortgage advice for more information.
The Which? Group offers an independent mortgage advice service that looks at every mortgage from every available lender. Alternatively, visit Unbiased.co.uk.to search for a broker.
More mortgage calculators
You can use our other mortgage calculators to help you work out what you can afford to pay, how much you can borrow and your mortgage costs.
Our How much can I afford? calculator allows you to work out what your disposable income is each month and therefore how much you can afford to pay for a mortgage.
Our How much can I borrow? calculator tells you how much a typical lender might lend you based on your income and our Repayments calculator lets you find out how much your repayments would be at different interest rates over different terms.
The costs
It is important that you budget not only for the mortgage, but also for the fees you will be required to pay. You will have to pay stamp duty if you pay more than £125,000 for your home, although in the 2010 Budget the Chancellor announced that first-time buyers are exempt from paying stamp duty on transactions up to £250,000 that take place until 25 March 2012.
You will also have to put down a deposit on your property upfront – usually a minimum of 5-10% of the property's value.
You are also likely to be charged an arrangement fee to secure your mortgage, plus solicitors' conveyancing fees. You might also be liable for a penalty fee from your existing lender if you are remortgaging, perhaps for leaving a fixed-rate period early, known as an early repayment charge.
When calculating the total cost of mortgage deals, our calculator includes any fees you would have to pay the lender, such as arrangement and valuation fees, to set up the mortgage. The lender also incurs legal costs, which are added onto the total fees you pay to your solicitor or conveyancer.
Our calculator adds this to the total cost where applicable, estimated at £250 if you're moving home and £500 if you're changing your mortgage without moving.
