Translate a Mortgage Offer into What It Costs You

The mortgage offer has an interest rate, a monthly payment, and a lot of small print. The number that matters is not the monthly payment; it is the total amount you will repay over the life of the loan. This turns the offer into plain numbers: total interest, key conditions, and the one question you should ask before you commit.

Read the following mortgage offer or Key Facts Illustration and translate the total cost of the mortgage into plain numbers.

1. State the loan amount, interest rate (fixed or variable), and term.
2. Calculate the monthly payment at the rate shown.
3. Calculate the total amount repayable over the full term.
4. State the total interest paid (total repayable minus loan amount).
5. Identify the key conditions: early repayment charges, product end date, what happens when the deal ends.
6. State one question worth asking your broker or lender before signing.

Mortgage offer or KFI extract:
[paste the relevant sections here]