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How Much Can I Borrow?
It is not usually easy to accurately compare mortgages
that have different interest rates, introductory offers,
application fees, cashback amounts and other such intricacies.
However, if you have all of the details regarding two
mortgage schemes, this calculator does all of the maths
for you. Simply fill in all of the required fields below
and this calculator will work out the internal rate
of return of the two scheme, as well as the APR.
Both the Internal Rate of Return and the Annual Percentage
Rate give an annual interest rate which accurately reflects
every payment made on the loan, including fees and costs.
The main difference between APR and the Internal Rate
of Return, is that APR is always measured over the full
life of a loan term, whereas the Internal Rate of Return
allows you to compare the products over any length of
time. This is more suitable when you consider that the
average life of a mortgage is only 6 or 7 years.
Please note: This calculator should be
used for indicative purposes only and should not be
taken as representing advice. Always get a full quotation
from your lender or other professional adviser before
purchasing a mortgage product. Because of differences
in the method of calculation, APR can vary slightly
across lenders for products which are essentially the
same.
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