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.
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
Mortgage Quick Facts
Essential insights into UK home loan repayments
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.
Work Out the Loan Amount
Subtract your deposit from the property price to find the amount you actually need to borrow from the lender.
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.
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.
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 |
|---|---|---|---|
| £150,000 | 25 years | 4.75% | £853 |
| £200,000 | 25 years | 4.75% | £1,137 |
| £250,000 | 25 years | 4.75% | £1,421 |
| £300,000 | 25 years | 4.75% | £1,706 |
| £400,000 | 25 years | 4.75% | £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.
