Mortgage Calculator
Use this free mortgage calculator to estimate your monthly mortgage payments, total interest, and full repayment cost. Whether you’re a first-time buyer, remortgaging, or comparing deals, this tool gives you clear, instant figures to help you plan your home purchase with confidence.
🏦 Mortgage Calculator
Calculate your monthly repayments, total cost, and see a full year-by-year amortisation breakdown.
💡 Overpayment Calculator
See how much you save by overpaying each month.
Repayment Schedule
| Year | Payment | Principal | Interest | Balance |
|---|
Calculate Repayments
📊 Term Comparison
See how your monthly payment and total cost change across different mortgage terms.
How to Use the Mortgage Calculator
- Enter the property price or loan amount
- Enter your deposit amount (if applicable)
- Enter the annual interest rate (%)
- Enter the mortgage term in years
- Click Calculate to see your monthly payment, total interest, and total cost
How Mortgages Work
A mortgage is a long-term secured loan used to purchase property. You borrow a sum from a lender and repay it over an agreed term — typically 20–35 years — with interest. Each monthly payment covers part of the outstanding balance (principal) and part of the interest charged on that balance. Over time, as the balance decreases, more of each payment goes towards the principal.
Mortgage Repayment Examples
| Loan Amount | Interest Rate | Term | Monthly Payment | Total Interest | Total Repayment |
|---|---|---|---|---|---|
| £150,000 | 4% | 25 years | £791 | £87,347 | £237,347 |
| £200,000 | 4.5% | 25 years | £1,111 | £133,380 | £333,380 |
| £300,000 | 5% | 30 years | £1,610 | £279,767 | £579,767 |
| £400,000 | 3.5% | 30 years | £1,796 | £246,418 | £646,418 |
Fixed vs Variable Rate Mortgages
| Fixed Rate | Variable Rate | |
|---|---|---|
| Monthly payments | Stay the same | Can go up or down |
| Rate certainty | High | Low |
| Best for | Budgeting, stability | When rates are falling |
| Early repayment charges | Often apply | May be more flexible |
| Typical term | 2, 3, or 5 years | Ongoing (SVR) |
How Your Deposit Affects Your Mortgage
Your deposit size directly affects both your mortgage rate and your monthly payments. Here’s how deposit size changes the deal on a £200,000 property:
| Deposit | Loan-to-Value (LTV) | Typical Rate | Monthly Payment (25yr) |
|---|---|---|---|
| £10,000 (5%) | 95% | ~5.5% | £1,228 |
| £20,000 (10%) | 90% | ~4.8% | £1,147 |
| £40,000 (20%) | 80% | ~4.2% | £1,071 |
| £50,000 (25%) | 75% | ~3.9% | £1,040 |
How to Reduce Your Mortgage Cost
- Larger deposit: A bigger deposit reduces your loan amount and often secures a significantly better interest rate
- Shorter term: A 20-year mortgage costs far less in interest than a 30-year one, even though monthly payments are higher
- Overpayments: Most mortgages allow overpayments of up to 10% per year — each extra payment reduces total interest significantly
- Remortgaging: When your fixed-rate deal ends, switching to a better rate can save thousands over the remaining term
- Improve your credit score: A higher credit score unlocks lower rates — pay off debts and avoid new credit applications before applying
Mortgage Calculator FAQ
How much can I borrow for a mortgage?
Most UK lenders offer between 4 and 4.5 times your annual income. For joint mortgages, this is based on combined income. Lenders also assess your credit history, existing debts, monthly outgoings, and deposit size when making their decision.
What is the minimum deposit for a mortgage?
In the UK, most lenders require a minimum 5–10% deposit. A 20–25% deposit typically unlocks significantly better interest rates, reducing your total mortgage cost considerably over the full term.
Does the calculator include stamp duty or fees?
This calculator shows your monthly mortgage repayment and interest only. It does not include stamp duty, arrangement fees, solicitor costs, or survey fees — these should be budgeted separately and can add several thousand pounds to your total purchase cost.
What is LTV (Loan-to-Value)?
LTV is the ratio of your mortgage to the property value, expressed as a percentage. A £180,000 mortgage on a £200,000 property = 90% LTV. Lower LTV generally means lower interest rates, as there is less risk for the lender.
Should I get a 25-year or 30-year mortgage?
A shorter term means higher monthly payments but significantly less total interest. A longer term means lower monthly payments but more interest overall. Use the calculator above to compare both scenarios with your specific numbers — the difference in total interest can be substantial.
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- Interest Calculator — Calculate simple interest on any loan
- Savings Calculator — Plan your deposit savings and see how fast your money grows
- Compound Interest Calculator — See how your savings compound over time