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# How to calculate mortgage payments and reduce debt interest

When it comes to working out your mortgage payments, you will need a mortgage calculator. This will show you the amount that you will need to pay each month and how much interest you will be accumulating. When you have got this, you will be able to lower the amount of interest you pay and find the best mortgage costs for you.

## Find a calculator online

There are hundreds of calculators for mortgages online. All you need is to do a quick search with your favourite search engine. They will all tell you the same thing. So, there is no need to keep checking different ones. It is worth looking at different ones for ease of use though.

## Enter the amount of loan

You will need to enter the total amount of money which you want to borrow. This will be the amount of the property as well as taxes and other fees but less the deposit which you have. Enter this in the first box of the calculator.

## Enter the interest rate

This can be the tricky bit of the calculator because there are different types of mortgages and different rates, such as a fixed rate mortgage or a variable rate one. If you have already looked into getting a mortgage, enter the rate of interest the lender has shown you can gain. If you are looking around, bear in mind that this number can change.

## Enter the term of the loan

You will need to decide on how long you want the property mortgage to last for. Most terms are either 15 or 30 year. However, there are times when you can opt for a 40-year mortgage. Depending on your age, you may only be able to take out a 10-year mortgage.

## Press calculate

Now, it is time to set the home loan calculator going. Press the calculate button and see the results. You will be given the full amount you will end up paying and the amount which you need to pay each month.

## Make changes to your amounts

If you are not happy with the amount of interest which you are paying, you could look at changing the term of the loan or the amount you are going to take out. This will affect the amount you will pay each month and could limit your choice of home to buy. You may also need to wait some time so you can build up the mortgage deposit and take out a lower amount.

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