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As long as you have the required information to hand, it should be easy to calculate how much your monthly mortgage payments could be.
You first need to know the amount you want to borrow. As a rough guide, this will be the value of the property minus the size of your deposit and/or the equity you own in your property.
You also need to decide how long you need to repay your mortgage. This is known as the mortgage term and will often be around 25 years, but it may be possible to borrow over a longer period.
The interest rate is the final key figure you need to calculate your estimated monthly payments. If you’re not sure what interest rate you may be charged, you can see our mortgage charts to get an idea of the rates currently available.
With these three pieces of information, you can use the mortgage calculator to work out an estimate of your monthly payments.
To use the calculator, you need to input the amount you think you’ll need to borrow, followed by the number of years you want to repay the mortgage over.
Next, you need to specify the interest rate of your mortgage deal.
Finally, you need to choose whether you want to repay the capital and interest of the mortgage in your monthly payments, or only the interest. Most residential mortgages are “capital and interest”, which means your monthly payments pay off the amount you borrowed as well as the interest charged. This means you won’t owe any money at the end of the term.
By contrast, payments on interest-only mortgages only cover the interest charged, so you’ll need to find a way to repay the capital at the end of the term. See our guide to repayment and interest-only mortgages.
Once you’ve filled in all the required information, you can then press “calculate” to see an estimate of your monthly mortgage repayments.
Our mortgage repayment calculator can only give you an idea of how much you’ll be paying per month for your mortgage.
Your actual mortgage payments may be different to this sum as the calculator doesn’t take your personal circumstances into consideration. For example, the type of mortgage you choose, the loan-to-value you require, your financial situation and your credit history will all affect the interest rate and the amount you need to pay each month.
Furthermore, it’s worth noting that the mortgage loan calculator works by taking one interest rate over the whole term you have specified. However, fixed mortgage deals typically work by fixing the rate for a specified period (such as two, three or five years), after which the rate reverts to the lender’s Standard Variable Rate (SVR).
As a result, the mortgage repayment calculator may only give you an idea of your payments for the initial fixed term. Your payments are likely to change during the overall mortgage term as you remortgage to a new fixed rate deal or move to a variable rate, for example.
Also, if you choose a variable or tracker rate mortgage instead of a fixed deal, it’s important to note that the lender could change the interest rate and your monthly payments during the term.
Bear in mind that, as well as your mortgage payments each month, you’ll also need to budget for the additional costs involved in taking out a mortgage and buying a home. These could include product or arrangement fees on the mortgage, valuation fees, legal fees, survey costs and stamp duty, to name just a few. See our guide for the costs involved in buying a home.
Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage repayment calculators may not be able to tell you exactly what your mortgage payments would be each month, but they can give you a useful estimate.
For example, if you know how much you need to borrow and the term you want to borrow over, and you have an idea of the interest rate you may be charged, the calculator allows you to see if the monthly payments would be within your budget.
You could then change the term, interest rate or loan size to see the difference this makes to your payments.
If you use the calculator and find you couldn’t comfortably afford the payments, this could prompt you to save up a larger deposit, search for a cheaper property or improve your credit score, for example, before resuming the mortgage process again.
On the other hand, if the calculator shows the monthly payments are comfortably within your budget, this could give you confidence to take the next step in the process and start your mortgage application.
Our mortgage repayment calculator is free and doesn’t affect your credit score, so you can use it as often as you need to.
A mortgage repayment is simply the sum you need to pay to your mortgage lender each month to pay off the sum you borrowed (plus interest).
Most monthly payments for residential mortgages will pay off the capital (the amount borrowed) and the interest charged. And, if you take out a fixed mortgage, your payments should stay the same for the length of the fixed rate period.
When you apply for a mortgage, the lender will tell you exactly what your monthly payments will be. Many people will set up a direct debit for these payments each month to make sure they don’t accidentally miss them.
You may be able to reduce your monthly payments by making one or more overpayments during the term of your mortgage.
However, you are likely to save more money on interest if you use your overpayment to shorten your mortgage term instead of reducing your monthly payments. This allows you to clear your balance quicker and cut the amount of interest charged.
Lenders handle overpayments in different ways, as some may automatically reduce your monthly payments while others shorten the loan term.
As a result, it’s important to check the overpayment terms of your lender (including any early repayment charges which may apply) and contact the lender if you’re unsure or want to make any changes. For example, you may be able to request to shorten your mortgage term and keep your monthly payments the same.
If you’re not sure what loan-to-value (LTV) you require for your mortgage, you can use our LTV calculator.
To see how much you could realistically borrow on a mortgage, based on your annual income, visit our “how much can I borrow” mortgage calculator.
If you’re buying a property, our stamp duty calculator can give you an estimate of how much Stamp Duty you may need to pay.