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 deposit and LTV affect the result
A larger deposit reduces the amount borrowed and the loan-to-value ratio (LTV), so the calculator will show a lower monthly repayment when the interest rate and term stay the same. Lenders may also use LTV when deciding which products are available, but this tool does not predict the rate a lender will offer.
Compare real quotes using the same loan amount, term and fees, then enter each quoted rate separately. Mortgage pricing can change frequently and depends on the product, property, credit assessment, income, deposit and lender criteria; a market “average” is not a personal offer.
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: Extra payments can reduce total interest, but limits and early-repayment charges depend on your mortgage terms. Check with your lender before paying extra.
- 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?
Some lenders use income multiples as one part of an affordability assessment, but there is no single amount that applies to everyone. Lenders also review spending, debts, credit history, deposit, property details and whether repayments would remain affordable if rates changed. Treat the tool’s 4× and 4.5× figures as illustrations only. Use our UK Salary Calculator to estimate income before comparing formal lender illustrations.
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?
The monthly repayment estimate does not include stamp duty or land tax, legal costs, surveys, insurance or moving costs. An arrangement fee entered in the tool is added to the displayed total cost, but it is not financed or included in the monthly repayment. Check each lender’s formal illustration for the complete 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.
Calculation method and limitations
For a repayment mortgage, the monthly figure uses the standard amortising-loan formula with the balance, monthly interest rate and number of monthly payments you enter. The interest-only option estimates monthly interest and leaves the original principal due at the end. Arrangement fees entered in the tool are included in the displayed total cost but not added to the loan balance or monthly payment.
The affordability multiples shown inside the tool are illustrations only. A lender makes its own assessment of income, spending, debts, credit history, the property and whether payments remain affordable if rates change. The calculator does not constitute a mortgage offer or regulated financial advice.
Official sources and review note
- MoneyHelper mortgage affordability calculator
- Financial Conduct Authority mortgage and interest-rate guidance
Formula, examples, limitations and calculator behaviour were last reviewed on 19 August 2026 by Badar Ashfaq. See our editorial policy and calculator testing method. If you are considering a mortgage, compare formal illustrations and speak with an authorised lender or adviser.
Related Calculators
- UK Salary Calculator 2026/27 — Estimate take-home pay before reviewing mortgage affordability
- UK £100k Tax Trap Calculator — See how personal allowance withdrawal affects income above £100k
- Loan Calculator — Calculate monthly payments on personal and car loans
- APR Calculator — Compare the true cost of mortgage deals using Annual Percentage Rate