Mortgage Calculator

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Mortgage Calculator

Work out your estimated monthly mortgage repayments in seconds. Enter the property price, deposit, interest rate, and term to see a full breakdown of what you’ll pay.

🏠 Monthly Repayments
📊 Full Cost Breakdown
💷 Total Interest Payable
🇬🇧 UK Lending Standards

Calculate Your Monthly Payments

Enter your property and loan details below. The calculator will show your estimated monthly repayment, total interest payable, and a step-by-step breakdown of the maths.

Repayment Solver

Project your monthly and total mortgage costs

💡 Pro Tip: Making small regular overpayments can significantly reduce your total interest and shorten your mortgage term. Check your lender’s overpayment allowance first, as most cap penalty-free overpayments at around 10% of the balance per year.
Loan-to-Value (LTV): This is the loan amount as a percentage of the property price. A lower LTV (bigger deposit) usually unlocks better interest rates from lenders.
Repayment vs. Interest-Only: Repayment mortgages pay off the capital and interest each month. Interest-only mortgages have lower monthly payments but the full loan amount is still owed at the end of the term.
Fixed vs. Variable Rates: Fixed-rate deals lock your interest rate for a set period (often 2-5 years), while variable rates can move with the Bank of England base rate.
Overpayments: Even small extra monthly payments compound over time, cutting years off your term and reducing the total interest you pay.
⚠️ Rate Risk: This calculator assumes your interest rate stays fixed for the full term. In reality, most UK mortgage deals only fix your rate for 2-5 years, after which your payments may change.

Understanding Your Repayments

Your monthly mortgage payment depends on a handful of key figures working together. Here is how the maths behind the calculator works.

1

Work Out the Loan Amount

Subtract your deposit from the property price to find the amount you actually need to borrow from the lender.

2

Apply the Interest Rate

Your annual interest rate is converted into a monthly rate and applied to the outstanding balance, which is highest at the start of the term.

3

Spread It Over the Term

For a repayment mortgage, the capital and interest are spread evenly across every monthly instalment so the balance reaches zero by the end of the term.

4

Factor In Overpayments

Any extra monthly overpayment reduces your outstanding balance faster, which lowers the total interest charged over the life of the loan.

Repayment Benchmarks

Estimated monthly repayments for a repayment mortgage at 4.75% interest over a 25-year term, based on loan amount.

Loan Amount Term Interest Rate Estimated Monthly Payment
£150,00025 years4.75%£853
£200,00025 years4.75%£1,137
£250,00025 years4.75%£1,421
£300,00025 years4.75%£1,706
£400,00025 years4.75%£2,274

Mortgage Calculator FAQ

Answers to the most frequently asked questions about mortgage repayments and how this calculator works.

Your monthly mortgage payment is calculated using the loan amount (property price minus deposit), the interest rate, and the mortgage term. For a repayment mortgage, the formula spreads the capital and interest across equal monthly instalments so the balance reaches zero by the end of the term.

With a repayment mortgage, each monthly payment covers both interest and a portion of the capital, so the loan is fully paid off by the end of the term. With an interest-only mortgage, monthly payments cover only the interest, and the original loan amount is repaid separately, usually through savings or investments.

Most UK lenders require a minimum deposit of 5% to 10% of the property price. A larger deposit, such as 15% to 25%, typically unlocks lower interest rates because it reduces the lender’s risk through a lower loan-to-value ratio.

Yes, spreading a mortgage over a longer term, such as 35 years instead of 25, lowers the monthly repayment amount. However, it increases the total amount of interest paid over the life of the loan, so it is not always the cheapest option overall.

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