Mortgage Repayment Calculator
- Our Mortgage Repayment Calculator estimates your monthly mortgage payments based on the loan amount, interest rate, and the length of your mortgage.
- It also provides an estimate of the total amount you might repay over the lifetime of the mortgage, including interest.
- This calculator is intended as a guide only and does not include other costs such as fees or insurance.
Want help understanding mortgage terms? Explore our glossary.
Use our Mortgage Repayment Calculator
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Important information to note!
- Your property may be repossessed if you do not keep up repayments on your mortgage.
- Using our mortgage calculators or rate comparison tools will not affect your credit score.
- These tools are for guidance only and do not replace financial advice.
- Your actual mortgage offer may be different from these estimates. Lenders will look at your credit history, spending, and other factors before deciding.
- Always talk to a qualified mortgage adviser for advice that’s right for you and your needs.
- Mortgage products and rates can change at any time, for example if the Bank of England base rate changes or if the government updates policies.
- Our mortgage advice is fee-free. Third-party fees may apply during the home buying process.
Frequently Asked Questions
A mortgage payment is the amount of money you pay your lender each month to repay your mortgage loan. This payment usually includes both the mortgage principal (the amount you originally borrowed) and interest.
Monthly mortgage repayments are typically made up of:
Mortgage principal: The portion of your payment that reduces the original mortgage amount.
Interest: The cost of borrowing, calculated on the remaining mortgage amount.
A repayment mortgage, also known as a capital and interest mortgage, involves paying both the principal of the mortgage and the interest each month. Over the mortgage term, you gradually clear your loan. In contrast, an interest-only mortgage means you only pay the interest, resulting in lower monthly payments, but at the end of the term, you need to repay the entire amount. You should have an approved repayment plan, such as investments or savings, to cover this.
The mortgage term, the length of your mortgage, typically 15, 25, 30, or 35 years, impacts your monthly repayments and the overall interest paid. A longer term results in lower monthly payments but more interest over time. A shorter term increases monthly payments but can save you thousands in interest.
Mortgage interest rates are the costs you pay to borrow money. The Bank of England's base rate is a key national rate that influences UK mortgage rates. When the Bank of England raises or lowers its rate, many lenders adjust their rates for both new and existing mortgage loans. Your rate also depends on the type of mortgage you have (fixed, variable, or tracker), the loan type, your eligibility, and your credit history.
Online mortgage repayment calculators give a useful estimate based on the mortgage amount, property value, interest rate, and mortgage term you enter. However, lender quotes will be more accurate as they also consider your eligibility, credit score, current fees, and changes in the Bank of England base rate.
The maximum mortgage amount most UK lenders offer depends on your income, typically 4 to 4.5 times your annual salary. However, this varies depending on your overall financial situation, debts, and property value. Your eligibility for certain mortgage types will also involve a credit assessment and affordability checks.
You'll want to think about:
- The length of your mortgage (mortgage term) and the required monthly repayments.
- Whether you prefer to pay off the mortgage gradually or all at once at the end (repayment versus interest-only).
- The type of mortgage (fixed, variable, or tracker) and the stability of the Bank of England base rate.
- Your financial goals and your ability to manage payments if rates rise.