Lloyds Bank has a few useful calculators on its website that will help you work out the cost of its mortgages.
Lloyds Bank is one of the largest banks in the UK. It has developed a range of mortgages for people all over the country.
Its website has a few tools that help its customers calculate how much a mortgage would cost them in various scenarios.
More mortgage calculators
How much can I borrow?
Estimate the size of mortgage that will be available to you based on factors like your income and deposit.
How much will it cost?
Estimate your monthly repayments in seconds from your mortgage amount, interest rate and duration.
How much stamp duty will I pay?
Buying a property over £125,000? Calculate how much you will pay in stamp duty with our handy calculator.
The Lloyds Bank mortgage calculator highlights the bank’s current mortgage deals, showing the interest rate and estimating your monthly payments.
First, you’ll have to choose from a list of options by explaining what you’re looking to do (e.g. buy a first home, moving house, remortgaging or buying a property to let). Next, enter your annual income, regular outgoings and desired mortgage term. Finally, enter your property value and the size of your deposit.
You’ll then get an estimate of how much you’ll be able to borrow with a Lloyds Bank mortgage and how much your mortgage payments will likely be. There is also a list of mortgages suitable for you.
The calculator suggests you check its entire list of niche mortgages. It is for illustrative purposes only and is not a mortgage offer. Before agreeing to a loan, a full application with a credit check is required.
Mortgage interest rate change calculator
This calculator shows how much a shift in your interest rate will affect your monthly mortgage payments.
It’s simple. Enter your current mortgage balance, remaining term and current interest rate.
Then, you can shift this interest rate by increments of 0.25% to see how your payments will change.
This works for repayment and interest-only mortgages.
Because interest compounds throughout the term of your mortgage, overpayments can save you huge amounts of money. This calculator shows you how much you could save by overpaying on your mortgage.
First, enter your remaining mortgage balance, remaining term and interest rate. Then, enter the amount you’d like to overpay, either as a lump sum or a regular amount.
A graph will then show you how quickly your mortgage balance will drop to £0. You’ll also see the total amount of interest you’ll save, presuming your interest rate stays the same.
The calculator doesn’t consider early repayment charges.