Steps to BBC Mortgage Calculator Usage

Steps to BBC Mortgage Calculator Usage

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Steps to BBC Mortgage Calculator Usage
Introduction
The BBC mortgage calculator is currently the most popular mortgage calculator on the internet.  It is hosted by the British Broadcasting Company.  This a useful utility for determining monthly payments and the amount of interest owed on a mortgage.
How do I use it?
The BBC calculator is popular due to its simplicity.  
First, type the total amount of the mortgage without commas.  (Feel free to ignore the Pound Sterling symbol if this is not your native currency). 

Enter the repayment period (in years) as well as the interest rate (omitting the percentage sign) in the next two spaces.

Press the Calculate button directly below the Interest rate space

The screen will now show the monthly repayment total as well as the total interest only.  Additionally the screen will show you was your repayment and interest would total should the interest rate climb to 12%
Example


Let’s say you have a $600,000 mortgage paid over thirty years with an interest rate of 10 percent.

The first three boxes would read like this:
600000
30
10
And the results would look like this:

Monthly repayment                 5303.96
(Interest only)                 5000
But be careful, at 12% it will be: 6207.18
(Interest only)                 6000


What’s my monthly repayment?
Your monthly repayment is the sum of your interest and payment of the total mortgage amount.  Payments reduce the total amount owned.
Disclaimer: Please consult with the lender before committing to any mortgage
Find the calculator at https://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

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