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Total Interest Payments
There are various types of loans available in the market and mortgage loans are one of them, which involve submitting a property as a form of security to avail the loan. People might be more concerned about submitting their property and regarding its safety if they fail to repay the loan. In order to make sure they do not fail, they analyse each and every single option available in the market and choose the best one that might suit their needs.
For a detailed description, you can also use a Nationwide mortgage calculator that provides a detailed explanation on the mortgages and the type of mortgages that would suit you the most.
There are various types of mortgage repayment options available in the market. They include the repayment mortgages and interest-only mortgage.
- Repayment mortgages are the mortgages that require the loan receiver to pay a particular amount every month until the person has completed paying the entire capital and the interest.
- This is one of the most widely used repayment techniques and they are more flexible because at the end of each month when you repay the amount, a part of your capital will also be reduced and hence, the total capital amount will be paid at the end of the loan period.
- They have two types of interest rates available, fixed and variable. A fixed interest rate is more of the best option, which makes you pay your particular amount every month without any changes.
Interest Only Mortgages
- The interest-only mortgages allow the person to pay the interest for a particular period and the capital at the end of the time.
- Even though the interest amount will be considerably less compared to the repayment mortgages, at the end of the loan term, it requires you to pay the entire amount as a whole.
A Combination Of Both
Sometimes based upon the person's credit history, the bank might offer the person certain repayment options that are a combination of both these mortgages where the person will pay the interest along with a portion of mortgage and at the end of the loan period, a portion of the mortgage will be considerably reduced.
Even though all these mortgages have their own advantages and disadvantages, they all are good options and the person can choose the best one that is most suitable for them based upon their situation. Using a mortgage calculator at nationwide will give you a variety of options, loans you can choose from and you can also find out which option would be more affordable to you.