How to Calculate Mortgage Payments

Before viewing new build homes, it’s good to come prepared. The best way to do this is by calculating what your dream home’s mortgage payments will be.

This provides a clear, and more realistic, idea of what you can afford, which helps searching for one of our new homes much easier.

How are mortgage payments organised?

Calculating a mortgage payment would be simple to work out if the figures didn't change so often. However, they do fluctuate. This is because the cost of borrowing money from the bank is represented by the mortgage interest, as banks need to make money off what they’re loaning you for your mortgage. This makes the new build mortgage process a bit harder to understand at first.

Fortunately, though, mortgage calculator tools make this much easier to understand. For instance, the Strata mortgage calculator helps you manage expectations for what contemporary homes you can, realistically, afford.

Using the Strata mortgage calculator

Whenever you’re looking at a Strata development, you’ll see our mortgage calculator sitting on the page.

Just enter these four details to work out your estimated mortgage costs:

1. Deposit: Add the deposit amount you have available, or a rough estimate of how much you can afford to put down as a deposit. This just needs to be above £5,000.
2. Cost of property: Enter the cost of the home you’re looking to buy
3. Mortgage term: This is the number of years you want to pay the mortgage off in.
4. Interest rate: Add the current interest rate.

When you’ve filled in these details, you’ll be given a breakdown of monthly mortgage payments for the Strata home you’re interested in. Feel free to play around with different amounts and time frames that are practical for your budget.

Then once you’ve finished, you can make an enquiry with us.

You’ll just need to fill out a few details first, including:

• The development you’re interested in – I.e. Grace. You can select this from the dropdown box available.
• The enquiry type – Select either a general enquiry or a development enquiry.
• Your enquiry message – Write what you’re looking to find out within the box provided.
• Your details, including your name, email address, phone number and address.

When you’ve done this, submit your enquiry, and our team will get in touch to discuss the development (or property) you’ve enquired about.

So, now you know how to calculate a mortgage payment, hassle-free, and the difference between getting a mortgage for a traditional home vs a newly built home. 

As well as using our mortgage calculator, read what our experts say about house-buying options. Simply follow their insightful tips to get the most out of your mortgage.