# Mortgage Calculator

Use this handy mortgage calculator to work out the monthly costs and the total cost, including the interest, of a **capital repayment or interest only mortgage**.
Simply enter the total capital required for your home loan, the term of the mortgage and the interest rate. An explanation of the two different types of
mortgage can be found here.

## Calculations for capital & repayment mortgage:

## Calculations for interest only mortgage:

To learn about the differences between a capital & repayment mortgage and an interest only mortgage, please see the FAQ below.

**Disclaimer:** Whilst every effort has been made in building this tool, we are not to be held
liable for any damages or monetary losses arising out of or in connection with the use of it. Full disclaimer.
This tool is here purely as a service to you, please use it at your own risk.

## Mortgage loan payments - FAQ

A selection of frequently asked questions about this mortgage calculator.

### What is a capital & repayment mortgage?

A capital and repayment mortgage is a secured home loan that is divided up into repayments of the money you borrowed (capital repayment) and payments of interest charges for the loan (interest payments). For more information, please see this article.

### What is an interest only mortgage?

An interest only mortgage is a secured home loan in which the **monthly payments include only the interest on your loan**. So, at the end of your mortgage term the balance of the
initial value of the loan is still outstanding. For more information, please see this article.

### What is negative equity?

With the world economies struggling their way out of recession, a lot of recent talk has been about home owners and negative equity. This article explains a bit about what negative equity is. Read more in the article What is negative equity?.

### Mortgage refinancing

If you're considering refinancing an existing mortgage, please use the mortgage refinance calculator.

**Note:** The home loan information shown above is provided for information purposes only. Please speak to an independent financial advisor for any kind of advice on mortgages
or loans. The results given by this **monthly mortgage calculator** are only a guide. Please speak to a mortgage advisor or independent financial advisor for accurate
guidance.