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Buy a home

Mortgage Repayment Calculator

Work out your monthly mortgage repayment and the total interest over the term, and compare a repayment mortgage with interest-only. Change the price, deposit, rate and term to match your plans.

£
£
10% of the price
Interest rate4.5%
0.5%9%
Mortgage term25 years
5 yrs40 yrs
Loan-to-value90% · Higher rate band

Capital and interest only. Excludes lender fees and insurance. Estimate to help you plan, not a mortgage offer or advice.

Monthly repayment
£1,751
£315,000 borrowed over 25 years at 4.5%
Total repaid£525,262
Total interest£210,262
£525kTotal cost
Amount borrowed£315,00060%Interest£210,26240%
Monthly payment
£1,751
Interest in your first payment
£1,181
Loan-to-value
90%
Total of 300 payments
£525,262

How repayments are worked out

Your loan is the property price minus your deposit. Each month you are charged interest on what you still owe. On a repayment mortgage your payment also chips away at the balance, so early on most of it is interest and later on most of it is capital. The calculator spreads this evenly across the term to give a level monthly figure.

For the full picture, including repayment versus interest-only and what happens when rates change, read how mortgage repayments work.

Two costs sit around the mortgage itself: work out the price a lender might stretch to with the mortgage affordability calculator, and remember stamp duty is a separate cash cost due soon after you complete.

Common questions

What is the difference between repayment and interest-only?
On a repayment mortgage your monthly payment covers both interest and a slice of the loan, so the balance falls to zero by the end of the term. On interest-only you pay just the interest each month and still owe the full amount at the end, which you have to repay another way.
What changes my monthly payment the most?
The loan size, the interest rate and the term. A bigger deposit cuts the loan and the rate band. A longer term lowers the monthly payment but increases the total interest you pay over the life of the mortgage.
Does this include fees or insurance?
No. This shows the capital and interest only. Lenders may add arrangement fees, and you will usually need buildings insurance, so your real outgoing can be higher.
Can I use this for a buy-to-let mortgage?
Yes, for working out the monthly cost on a repayment basis. Many buy-to-let mortgages are interest-only, where you pay just the interest and repay the loan another way, so switch the calculator to interest-only to see that figure. It estimates the payment only and is not an affordability check or a lending offer.
Is this a mortgage offer or advice?
No. It is an estimate to help you plan. Your actual rate and payment depend on a lender assessing your circumstances. Speak to a mortgage adviser before you commit.

About this calculator

Uses the standard mortgage amortisation formula. Figures are rounded and exclude lender fees, so treat them as a guide. Your real rate and payment depend on a lender assessing your circumstances.