Mortgage calculator shows how much payments will increase

This means people on variable rate and tracker mortgages will likely see their payments soon increase as well. Tracker mortgages rise and fall in line with the base rate, with a premium added on top.Laura Suter, head of personal finance at AJ Bell, warned that many people with mortgages will see their payments increase.She said: ‘Generally the interest rate charged on new mortgages rises as base rate increases. However, you’ll often find that mortgage rates rise before the base rate has increased.’Mortgages are priced based on a number of different factors, including competition in the market but also the cost of the money mortgage companies borrow to then lend out to borrowers – whether that’s from savers’ deposits or the wholesale market.’Express.co.uk readers can use our simple online calculator to work out how much their mortgage payments will increase.READ MORE: Mortgage holders who are ‘worried about rates’ urged to make important check or risk fee Mortgages payments are set to increase with the rise in the base interest rate (Image: GETTY)The tool works by a person putting in their loan amount, the annual interest rate and the term of the loan.The user will then be given a set of results, including an estimate of their monthly repayment, the overall cost of the mortgage and the cost of the interest.The tool also breaks down how the interest works, with details of how much interest is paid each month.Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, spoke about the options available to people looking at mortgage deals.DON’T MISSRishi Sunak pressed on state pension triple lock [UPDATE]Coventry Building Society offers up to 4.85% on new savings accounts [ALERT]Martin Lewis explains how you can avoid being taxed on savings [INSIGHT]70 health conditions qualify for PIP payments worth £627 a month [UPDATE] Mortgages payments are set to increase with the rise in the base interest rate (Image: GETTY)He said: ‘If you can afford it, pay down your mortgage as much as possible while you remain on a cheap fixed deal.’It will put you in a much better place when you remortgage as this will help you save interest, cut years off your mortgage but also increase the chances of securing a cheaper interest rate when the time comes for you to switch deals by reducing your loan to value (LTV).’He also said people on a mortgage deal that is due to end within the next six months may be able to lock into a new rate now.Pete Mugleston, MD and mortgage expert at Online Mortgage Advisor, said: “If you’re coming to the end of your current mortgage, I’d strongly advise that you contact an experienced mortgage advisor and explain your situation. They are best suited to help you to find a more affordable deal for the coming months.’