Mortgage Repayment Calculator

A mortgage repayment calculator can help you estimate how much you’ll need to pay your lender each month. Find out how much your monthly repayments might cost you using the calculator below.

Brean Horne Last updated on 07 June 2022.

Our mortgage repayment calculator estimates how much your monthly mortgage repayments could cost based on the size of your home loan, the repayment term and current interest rates.

How our mortgage calculator works

To use our mortgage calculator you’ll need to add the following details:

  • Loan amount: the size of mortgage you’d like to borrow
  • Interest rate: the interest rate you’ll likely pay
  • Repayment term: how long you’ll have to pay off your mortgage.

All you have to do is adjust the sliders in the calculator to input the figures for each section.Your estimated mortgage repayments will take each of the details into account.

This information is intended as a guide only and you should speak to your provider for details on your mortgage repayments.

How much will my mortgage repayments be?

Your mortgage repayments will vary depending on a range of factors including your:

  • mortgage amount required
  • mortgage deposit
  • interest rate
  • repayment term
  • credit history

Our mortgage repayment calculator can help you get a rough idea of how much you’re likely to repay each month.

When are my mortgage repayments due?

Mortgage repayments are due each month, with the first payment usually needing to be made a few days after you pick up the keys to your new home. Your lender will send you a letter confirming how much your first mortgage payment will be.

Typically, the first mortgage payment is higher than your standard repayment amount. This is because additional interest is added to your standard monthly repayment for any days between you moving in and the end of that month.

How do I repay my mortgage?

There are two main ways of repaying a mortgage:

  • Repayment mortgage: You repay the capital of the mortgage with interest each month. This type of repayment is also known as a ‘capital repayment’.
  • Interest-only mortgage repayments: You only repay the interest on your mortgage each month. You’ll have to pay off the total loan by the end of the mortgage term. Interest-only mortgages are less common and tend to be more expensive.

Where can I find the best mortgage deals for me?

Taking steps to get your finances in order before looking for a loan can help you find the best mortgage deals. Checking your credit score could help you gauge how likely you are to secure a mortgage. Although it may be possible to get a mortgage with bad credit, it’s always worth trying to improve your credit score to help you in your mortgage search.

Next, using a mortgage calculator can help you estimate how much you’re able to borrow. Once you have a loan size in mind, shopping around can help you find the most suitable offers. Price comparison sites can be a good place to start and can help you compare mortgages.

About the author:

Brean is a personal finance writer at NerdWallet. She covers a range of financial topics and has written for consumer titles including Which?, Moneywise and The Motley Fool. Read more

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