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How Much Will My Mortgage Be On A 85,000 Home Loan At 5.25%?

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Robert Schatten Profile
Robert Schatten answered
It depends on the number of years that you’re paying for the mortgage! A mortgage is the biggest financial agreement that you will ever take out. It’s essentially a way of buying a house without having to save up tens of thousands or hundreds of thousands of dollars. For instance, if your house is £100,000 - you may take out a loan that is £80,000 and you will pay for the £20,000 deposit yourself.

This loan will be paid over a rather long period of time, usually a number of decades. Hence, you will be able to purchase the house in full with all the money that is required, and you will owe an external financial company and not the person who previously owned the house.

If you want to know precisely how much your mortgage will be, you first need to decide on how many years you want to be dealing with this kind of debt. Many people do this using their own calculations, but I’ve found a website that allows you to easily convert information into a sensible mortgage payment timeline. The website www.mortgagesorter.co.uk is able to offer you a mortgage calculator that quickly and easily sets out all the information you need right in front of you.

When taking out a mortgage, you need to be as careful as you are when you take out a regular loan. Mortgages can have a huge effect on your life, especially if you’re unrealistic with what you think you can pay back. Many people will be over optimistic when considering their mortgage, and end up having to extend it and paying it for the rest of their lives. You need to take a proper look at your finances, and decide whether or not this kind of financial commitment will actually be a good idea for you and your family.
Charles  Bosse Profile
Charles Bosse answered

A Mortgage amount varies on how long you are paying. For and easy mortgage calculation, see mortgage-calc.com it’s a free early mortgage payoff calculator that will help you compare interest savings and number of payments for two different monthly mortgage payment amounts. 

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