Mortgage calculator

Applying for a mortgage can seem daunting, no matter where you are on the property ladder. It’s one of the biggest financial commitments you’re likely to make and there are many steps to take in order to get one. Traditionally there’s also been reams of paperwork to get your head around.

At Trussle, we’re improving this experience for everyone. One of the things you’ll want to know when you’re just getting started, is how much you could borrow or save when getting a mortgage.

So we’ve created a number of mortgage calculators that will help you answer these questions quickly and easily.

Are you a first-time buyer?

If you’re a first-time buyer and are unsure where to start, we recommend using:

The Affordability Calculator will help you understand how much you could afford to borrow.

The Stamp Duty Calculator will indicate how much stamp duty you’d need to pay on your new home.

Do you already have a mortgage?

If you have an existing mortgage, you’ll want to use:

The Repayment Calculator will help you work out what your monthly payments might be and how much interest will be due, depending on the mortgage you get.

The Overpayment Calculator will show you how much you could save by paying regular or one-off overpayments on your mortgage (bear in mind that some mortgages don’t allow overpayments).

Before applying for your mortgage

There are a few financial things you’ll need to consider when you begin the application for your first mortgage:

  • The amount you can afford to borrow
  • The size of your available deposit
  • The amount you can afford to pay back each month
  • The insurance you’ll need and when you’ll need it
  • Any legal requirements you’ll need to meet
  • Any additional costs that may be required

The first and most important consideration is how much you can actually afford to borrow.

Affordability calculator

An Affordability Calculator will show you how much you could borrow based on your circumstances, and you can then use this to start your mortgage search.

Once you know how much you can afford before you start exploring your options, your search will be more focused on what’s appropriate for your budget and needs.

Changes to your existing mortgage

There may be occasions when you’d like to make changes to your mortgage during your mortgage term. These might be minor, such as making an overpayment on your monthly payments, or they could be major, like switching your mortgage deal and lender entirely.

There are many reasons why you might want to make changes to your mortgage. Before speaking to your broker, you’ll first want to speak to your current lender to make sure you understand the implications of moving away from your current deal. They’ll also be able to advise as to whether there are other options to consider without changing your deal.

Remortgage calculator

When it comes to considering remortgaging your home, it’s important to shop around for the most suitable deal for you.

You may want to reduce your monthly payments, raise capital to finance home improvements, switch from a residential to a buy-to-let mortgage, or pay off your mortgage earlier. In any case, our remortgaging calculator can help get you started.

If you choose to remortgage with Trussle, we’ll also continue to monitor your new mortgage and let you know the next time it’s worth considering switching again.

Overpayment calculator

If you find yourself in a position to pay a little extra on your monthly mortgage payment, you may be able to shorten your mortgage repayment term and reduce the overall interest due on your mortgage. You could also choose to keep the term the same (for example, 20 years) and reduce the amount you pay each month.

An Overpayment Calculator will help you work out the extent of the impact an overpayment could have on your mortgage.

Other mortgage costs to consider

Whether you are a first-time buyer or have an existing mortgage, there will be additional costs relating to your mortgage.

These could include:

  • Stamp Duty Land Tax (SDLT)
  • Legal fees
  • Conveyancer’s fee
  • Valuation fee
  • Surveyor’s fee
  • Estate agent’s fee
  • Insurance
  • Removal costs
  • Furniture / Decorating costs
  • Cleaning / Maintenance costs

Stamp duty calculator

Stamp Duty Land Tax is an important cost that must be paid within 30 days of your purchase completion date.

A Stamp Duty Calculator will help you calculate what your total stamp duty will be. This means you’ll be prepared for what may well be a significant cost right from the start, and you can bear it in mind throughout your mortgage application process.