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- Total Amount Payable - |
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The total amount payable is the cost of the loan amount plus the interest plus any charges (such as setup fees and payment protection insurance). This figure is divided by the number of months in the loan term to arrive at the cost of the monthly repayments. For borrowers on lower incomes, the total amount payable is probably less important than the monthly repayments. Longer loan terms mean higher total amounts payable but smaller monthly repayments. Shorter loan terms mean smaller total amounts but larger monthly repayments, and are preferred by borrowers with a longer term financial view or higher income.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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© 2007 LoanLine - Total Amount Payable |
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