Zero Deposit Mortgage Calculator
Introduction & Importance
Zero deposit mortgages allow you to buy a property without saving for a deposit. This calculator helps you understand the affordability and fees involved…
How to Use This Calculator
- Enter the property price.
- Enter the loan term in years.
- Enter the interest rate.
- Enter the deposit percentage (0% for zero deposit).
- Click ‘Calculate’.
Formula & Methodology
The calculator uses the formula for the monthly repayment of a mortgage: M = P [ i(1 + i)^n ] / [ (1 + i)^n — 1 ] …
Real-World Examples
Data & Statistics
| Type | Deposit | Interest Rate | Monthly Repayment |
|---|---|---|---|
| Zero Deposit | 0% | 3.5% | $1,200 |
| 90% LTV | 10% | 3.2% | $1,150 |
Expert Tips
- Improve your credit score to access better rates.
- Consider government schemes like Help to Buy.
- Factor in other costs like stamp duty and solicitor fees.
Interactive FAQ
What is a zero deposit mortgage?
A zero deposit mortgage allows you to buy a property without saving for a deposit.
For more information, see the Money Advice Service and the Which? Mortgage Finder.