Mortgage Calculator UK – Monthly Repayment Calculator
Use this free UK mortgage calculator to estimate your monthly mortgage repayments, total interest, and full repayment cost. Whether you are a first-time buyer, remortgaging, or comparing deals, this tool gives you clear, instant figures to help you plan your home purchase with confidence. Not sure how much your salary can support? Check our UK Salary Calculator first.
🏦 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 repayment cost
How UK Mortgages Work
A mortgage is a long-term secured loan used to purchase property. You borrow from a lender and repay over a fixed term — typically 20–35 years — with interest. Each monthly repayment covers part of the outstanding balance (capital repayment) and part of the interest charged on that balance. Over time, as the balance reduces, more of each payment goes toward the capital.
UK mortgages typically come in two main structures. With a capital repayment mortgage, every payment reduces your outstanding debt and you will own the property outright at the end of the term. With an interest-only mortgage, monthly payments only cover the interest — the full loan amount remains due at the end of the term and must be repaid from savings, investments, or sale of the property.
UK 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 |
How Your Deposit Affects Your Mortgage
Your deposit size directly affects both your mortgage rate and your monthly payments. A larger deposit gives you a lower Loan-to-Value (LTV) ratio, which typically unlocks better interest rates. Here is how deposit size changes the deal on a £200,000 property:
| Deposit | 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 |
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 and stability | When rates are falling |
| Early repayment charges | Often apply | May be more flexible |
| Typical fixed term | 2, 3, or 5 years | Ongoing (SVR) |
How to Reduce Your Mortgage Cost
- Larger deposit: Reduces your loan amount and typically secures a better interest rate
- Shorter term: A 20-year mortgage costs far less in total interest than a 30-year term, 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 deal ends, switching to a better rate can save thousands over the remaining term
- Improve your credit score: Pay off existing debts and avoid new credit applications before applying
Mortgage Calculator FAQ
How much can I borrow for a UK 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. Use our UK Salary Calculator to establish your gross and net income figures before speaking to a lender.
What is the minimum deposit for a UK mortgage?
Most UK lenders require a minimum 5–10% deposit. A 20–25% deposit typically unlocks significantly better interest rates and reduces your total mortgage cost considerably.
Does this calculator include stamp duty or arrangement fees?
This calculator shows monthly repayments and total interest only. Stamp duty, arrangement fees, solicitor costs, and survey fees should be budgeted separately — these 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 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 paid. A longer term means lower monthly payments but more interest overall. Use the calculator above to compare both scenarios with your own numbers.
How does a pay rise affect my mortgage affordability?
A higher salary directly increases the amount most lenders are willing to offer. Use our UK Salary Calculator to see your take-home pay at different salary levels, then use the mortgage calculator above to check what repayments look like at different loan amounts. If your income is close to £100,000, also check our £100k Tax Trap Calculator — pension salary sacrifice that reduces your tax bill also reduces the income figure lenders may use for affordability.
Related Calculators
- UK Salary Calculator 2025/26 — See take-home pay and work out what mortgage you can afford
- UK £100k Tax Trap Calculator — See how personal allowance withdrawal affects income above £100k
- Loan Calculator — Calculate monthly payments on personal and car loans
- Savings Calculator — Plan your deposit savings and see how fast they grow
- APR Calculator — Compare the true cost of mortgage deals using Annual Percentage Rate