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Our mortgage repayment calculator gives you an idea of what your monthly mortgage repayments could cost based on the size of the mortgage you need, the length of time you intend to pay it off and the interest rate you expect to pay.
What will my mortgage repayments be?
Estimated Mortgage Repayment
The following is a guide to repayments over the full term of the mortgage and assumes your interest rate remains the same for the entire duration.
£1,315.33
Monthly Mortgage Repayment
Your mortgage debt over time
This calculator is designed to give you a guide on mortgage costs. It also makes certain assumptions to be able to provide calculations over a longer period that will not be reflected in your own mortgage. The actual mortgage you obtain will depend on a number of factors that are specific to your own personal and financial circumstances.
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How our mortgage repayment calculator works
To use our mortgage repayment calculator you’ll need to have a rough idea of the:
- price or value of the property the mortgage relates to
- deposit or amount of equity you can put towards the mortgage
- type of mortgage you want – capital repayment or interest-only?
- mortgage rate you’re likely to pay
- length of time you intend to pay off your mortgage in its entirety – so your mortgage term
- fees that you may need to pay for taking out the mortgage
Type the relevant figures into the repayment calculator and you’ll see how much your monthly repayments might be, based on the information you’ve provided.
The results are intended as a guide only. You should speak to your mortgage lender or broker for more precise details on what your mortgage repayments will be.
What else does the mortgage repayment calculator show?
As well as giving you an idea of monthly mortgage repayment costs, our mortgage repayment calculator also tells you how much the mortgage would cost over your entire mortgage term. How much interest you would pay in pounds and pence is calculated separately too. The graph shows how the amount you owe on your mortgage overall should decrease over time.
How are mortgage repayments calculated?
Mortgage repayments are affected by a range of factors including your:
- mortgage amount
- 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 do you start paying mortgage repayments?
Your first mortgage repayment will normally be due at an agreed date in the month following the completion of your mortgage. Your mortgage lender will send you a letter confirming exactly when your mortgage payments will be taken and how much they will be.
Typically, your first mortgage payment is higher than your usual standard monthly repayment amount. This is because additional interest is added for any days between mortgage completion and the end of that month.
What are the different mortgage repayment types?
There are two main mortgage repayment types:
- Capital repayment: This is where your mortgage repayments go towards paying off the interest you owe and some of the original mortgage amount you borrowed each month. If you make all of your repayments on time, everything you owe should be paid off by the end of your mortgage term.
- Interest-only: This is where you only repay the interest on your mortgage each month, and then pay off your original loan amount by the end of your mortgage term. Interest-only mortgages are less common, usually have stricter eligibility requirements and tend to be more expensive than capital repayment mortgages.
» MORE: Interest-only vs repayment mortgages
Where can I find the best mortgage rates?
The calculations are simple: the lower your mortgage rate, the lower your mortgage repayments will be. However, the most important aspect of getting a mortgage is to find a deal that suits you and your circumstances. Speaking to a mortgage adviser is always sensible if you’re at all uncertain and shopping around is a must.
» MORE: Check the latest mortgage rates
Try our other mortgage calculators
- How much can I borrow for a mortgage?
- Mortgage interest rate calculator
- Mortgage overpayment calculator
- Stamp duty calculator
- Buy to let mortgage calculator
About the Author
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