Mortgage payment
Estimate monthly repayments and total cost based on the amount you borrow, interest rate, and term.
Results assume a repayment mortgage with a fixed interest rate and monthly payments.
Results
These are estimates based on your inputs.
How this calculator works
We use the standard amortised mortgage formula (fixed interest rate and fixed monthly payments). These estimates exclude fees, insurance, and taxes.
What this calculator does
This mortgage payment calculator estimates your monthly repayment for a UK repayment mortgage, plus the total interest and total amount repaid over the full term. It assumes a fixed interest rate and monthly payments.
It helps you compare mortgage offers or understand how changes to term or interest rate affect affordability.
How the formula works
We use the standard amortisation formula. Each month, interest is charged on the outstanding balance, then your payment reduces the principal. The fixed payment is calculated so the balance reaches zero at the end of the term.
This model excludes fees, insurance, and taxes. If you have a tracker or variable rate, the payment will change as rates move.
Worked example
Example: you borrow £250,000 at 5% over 25 years. The calculator estimates a monthly payment around £1,460, total interest around £188,000, and a total repaid around £438,000.
If you shorten the term, your monthly payment rises but the total interest falls significantly.
Common mistakes
- Using the wrong mortgage type (repayment vs interest-only).
- Ignoring fees such as arrangement or valuation fees.
- Forgetting to include insurance and maintenance in the budget.
- Assuming the initial fixed rate applies for the full term.
When to use this calculator
Use this when you know how much you plan to borrow and want an estimated monthly repayment. If you want to see how much you might be able to borrow based on income, use the Mortgage affordability calculator.
FAQs
Is this for repayment mortgages only?
Yes. Interest-only mortgages work differently because the principal is not repaid during the term.
Does it include fees?
No. Fees can be paid upfront or added to the balance. If fees are added to the loan, include them in the mortgage amount.
What about overpayments?
Overpayments reduce the total interest and shorten the term. This calculator assumes fixed payments only.