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Understanding Mortgages

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  • Understanding Mortgages

    Hi,

    Hope someone here can explain mortgages in laymans terms
    My Gfriend and I are hoping to get our first home at the end of year or early 2009 but are unsure how the monthly payments work.
    The houses we are looking at now cost around 150000 mark.. and we will be putting down 30 at least, so we would have to borrow 120000... can anyone work out how much per month a repayment mortgage would be over 30 years.
    Is the interest rate paid per month or per year? i.e £500 a month + 6.5% = 532.5 a month??

    We worked out that a 120000 mortgage paid per month is 333 + % a month for 30 year.. but mortgage calculator comes up with double that!
    are mortgage lenders getting greedy or is it me?
    Feel like a idiot for asking something that is probably simple.


    Dave
    Last edited by DTS; 10-01-2008, 02:22 AM.

  • #2
    Here's a mortgage calculator that may be able to help.
    Mortgage Calculator

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