Use this calculator to work out your monthly mortgage payments, based on:
As long as you have the above information to hand, it should be easy to get an estimate of your monthly mortgage payments.
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To use the calculator, you first need to input the amount you think you’ll need to borrow. This will be the value of the property minus the size of your deposit or the equity you own in it.
You’ll then need to say the number of years you want to repay the mortgage over. A common mortgage term is 25 years but, depending on your situation, you may want to borrow over a shorter or longer period.
Next, you need to specify the interest rate of your mortgage deal. The calculation assumes the interest rate is fixed and won’t change over the term you have specified.
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” (also simply called repayment mortgages), 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. These are more common on buy-to-let deals. See our guide to repayment and interest-only mortgages.
Once you’ve filled in all the required information, click “calculate” to see an estimate of your monthly mortgage repayments.
You can adjust the different fields as many times as you want to see how different mortgage amounts, terms and interest rates will affect your payments.
Our mortgage repayment calculator can only give you an idea of how much you’ll be paying per month for your mortgage, not an exact or guaranteed figure. This means your actual mortgage payments may end up being different to the sum shown by the calculator.
This mortgage loan calculator doesn’t account for:
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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 are a free tool that can give you a useful estimate of how much a mortgage could cost you.
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 you may be charged, the calculator allows you to see if the monthly payments would be within your budget.
You can 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.
Taking out a mortgage at the upper end of your affordability may not be a problem at first, but rate increases or a change in your financial circumstances could see you saddled with repayments that you can’t afford. Instead, it’s best to opt for mortgage repayments that you can comfortably afford, even if this means borrowing slightly less. Speak to a mortgage broker if you need more support and guidance on your situation.
Using our mortgage repayment calculator won’t leave any trace on your credit history or affect your score. The calculator simply uses the information you provide to estimate your monthly repayments and doesn’t have anything to do with your credit report. This means you can use the calculator as often as you want to without worrying about any potential negative impact to your credit score or finances.
Your credit score will only be affected when you formally apply for a mortgage.
A mortgage repayment is simply the sum you need to send to your mortgage lender each month to pay off the amount 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 specified period.
When you apply for a mortgage, the lender will tell you exactly what your monthly payments will be. Many people set up a direct debit for these payments to make sure they go out automatically, meaning they won’t accidentally miss them.
Lenders often allow you to choose the date that your mortgage payment goes out, so it fits in with when you get paid, for example. If you want to change your mortgage repayment date during the term, you may be able to request this from your lender.
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 decide to overpay your mortgage, look out for any Early Repayment Charges (ERC). Most lenders allow you to overpay up to 10% of your outstanding mortgage balance without facing any additional costs but, if you want to pay off more than this, extra charges may apply.
There are several ways you may be able to reduce your monthly mortgage payment, including:
While the above methods can be ways to lower your monthly payments, some of them (such as making an overpayment) could also allow you to reduce your mortgage term. By keeping your monthly payments the same and paying off your mortgage over a shorter period, you can cut the amount of interest you pay overall.
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.
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