Mortgage Payment Calculator 2026 — UK Homebuyers
Work out exactly how much your monthly mortgage repayment will be, total interest payable, and the true cost of borrowing over the life of your loan. Supports repayment and interest-only mortgages with overpayment options.
Repayment or Interest-Only?
Your monthly payment depends on how your mortgage is structured. A repayment mortgage clears the debt by the end of the term, while interest-only keeps monthly costs lower but requires a separate plan to repay the capital.
Repayment Mortgage Calculator
Enter your loan details to work out your monthly payment and total cost
The amount you are borrowing (property price minus deposit). Typical UK first-time buyer mortgages range from £120,000 to £300,000.
Typical 2-year fixed rates in 2026 are around 4.5–5.0%.
Standard terms are 25–35 years. Longer terms lower monthly cost but raise total interest.
Extra monthly payment above the scheduled amount.
A single lump sum paid at the start of the mortgage.
Most lenders allow up to 10% overpayment per year without penalty. Check your mortgage terms.
The rate structure affects how your payment changes. The calculation below assumes the rate stays constant for the full term.
Repayment Result
Monthly payment, total interest, and total cost of borrowing
Fill in your loan details, then click Calculate My Mortgage Payment to see your monthly repayment and total cost.
Interest-Only Mortgage Calculator
Work out your monthly interest payment and the capital you must repay at the end
The full capital amount you are borrowing. This remains outstanding for the whole term.
The rate charged on the outstanding capital each year.
When the term ends, the full capital amount becomes due.
Monthly contribution to ISA, pension, or investment plan.
Expected annual return on your savings vehicle.
You must have a plan in place to repay the capital at term end. This section estimates whether your savings vehicle will cover it.
Interest-only mortgages are less common in 2026 and typically require 40%+ deposits.
Interest-Only Result
Monthly interest payment, total interest, and repayment vehicle forecast
Fill in your loan details, then click Calculate My Monthly Interest to see your payment and capital repayment forecast.
Typical UK Mortgage Rates & Terms
Indicative rates and conditions for UK residential mortgages in 2026. Actual rates depend on your credit score, deposit size (LTV), lender, and product type. Always compare live quotes from multiple lenders before applying.
| Product | Typical Rate | Notes |
|---|---|---|
| 2-Year Fixed | 4.65% – 5.10% | Most popular choice for stability |
| 5-Year Fixed | 4.40% – 4.90% | Longer-term rate security |
| 10-Year Fixed | 4.55% – 5.20% | Extended security, higher ERCs |
| Tracker (BOE + margin) | BOE + 0.75–1.25% | Variable, follows base rate |
| Standard Variable Rate (SVR) | 6.5% – 7.9% | Default rate after deal ends |
| Interest-Only | +0.25% vs repayment | Typically 40%+ deposit required |
| Buy-to-Let Fixed | 4.90% – 5.80% | Higher rates than residential |
| Standard Term | 25 years | Common first-time buyer term |
Mortgage Calculator FAQ
Everything UK homebuyers ask before taking out a mortgage in 2026.
A repayment mortgage payment is calculated using the standard amortisation formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). This spreads the capital plus interest evenly across the term so the loan is fully cleared by the end.
With a repayment mortgage, each monthly payment covers both the interest and part of the capital, so the loan is fully cleared by the end of the term. With an interest-only mortgage, you only pay the monthly interest and the original loan amount remains outstanding — you must have a separate plan (such as savings, investments, or a pension) to repay the capital at the end of the term.
At a typical fixed rate of around 4.75% over 25 years, a £200,000 repayment mortgage would cost roughly £1,142 per month, totalling about £342,600 over the full term (with £142,600 in interest). At 4.75% over 30 years, monthly payments drop to approximately £1,042 but total interest rises to around £175,000.
Yes. Every extra pound you pay above your scheduled monthly payment reduces the capital balance, which in turn reduces the interest charged the following month. On a £200,000 mortgage at 4.75% over 25 years, overpaying by just £100 a month could save you over £30,000 in interest and shave more than 4 years off the term.
Most UK lenders allow you to overpay up to 10% of the outstanding balance per year without penalty, though this varies by provider. Some deals allow unlimited overpayments, while others charge an Early Repayment Charge (ERC) if you exceed the threshold. Always check your mortgage terms before setting up regular overpayments.
No. This calculator focuses on monthly mortgage repayments and total interest payable. Stamp Duty Land Tax (SDLT), solicitor fees, surveyor costs, broker fees, and moving expenses are separate and should be budgeted for on top of your deposit and monthly repayments. First-time buyers typically pay no SDLT on the first £425,000 of a property purchase in 2026.
The minimum deposit is typically 5% for first-time buyers (95% LTV), but you will get much better rates with 10%, 15%, or 20% deposits. A 15% deposit on a £250,000 home would be £37,500. Interest-only mortgages usually require 40% or more. Help-to-Buy schemes and Lifetime ISAs can help boost your deposit.