Mortgage Repayment Calculator

Mortgage repayment calculator
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How Much Mortgage Can I Afford?

Our UK mortgage repayment calculator gives you an estimate of what your monthly mortgage payments might be based on the interest rate, so you can calculate how much mortgage you can afford.

Enter the amount you want to borrow, the interest rate and select one of the mortgage types to find out how much you will have to repay each month. 

These figures do not include factors such as insurance or any investment based mortgage repayment strategies.

Our UK mortgage repayment calculator gives a quick indication of what your monthly repayments will be for different types of mortgage. The mortgage repayment calculator generates figures based on the rates you have put in and does not include any introductory discounts or subsequent increases.

The mortgage repayment calculator is a place way to start – but it’s certainly not a definitive answer – and if it’s not the answer you’re looking for, our experts can review your full situation and advise on the most appropriate course of action, including products you might not previously have considered.

Mortgage Repayment FAQs

Are Mortgage Repayment Calculators Accurate?

Our mortgage payment calculator can help you calculate the monthly payment of a mortgage based on the figure you enter. Of course, there are many different factors that could affect your exact repayment amounts over the mortgage term - including the interest rate, repayment strategy, and more. If you want to find out more about your monthly repayments, you can talk to a broker who can go over your specific mortgage deal, situation and options.

Do Mortgage Repayment Calculators Take Interest Rates Into Account?

Yes, if you calculate your monthly mortgage payment using our calculator, this will factor in the interest rate that you're paying. However, this calculator is based on a fixed interest rate across the entirety of the mortgage.

For most mortgages, you will likely be put onto a fixed interest rate or tracker rate at the start of the term for a set period. You’ll then go onto the lender’s SVR (standard variable rate) after the introductory deal ends. The SVR is a rate the lender sets themself. SVRs are normally more expensive than introductory rates so it’s unlikely you’d want to stay on the SVR until the end of the mortgage term. Instead, you would typically remortgage onto a new fixed or tracker deal. 

When you calculate the monthly payment of a mortgage using our calculator, you need to remember that this is based on a fixed interest rate, so your actual payments could vary slightly depending on your deal.

Who Is a Mortgage Repayment Calculator For?

Our monthly repayment calculator can be useful for a wide range of people with differing circumstances. Whatever type of mortgage you are thinking of getting, this calculator can help give you an estimate of what your monthly payments will be.

This would include residential mortgages, second home mortgages, remortgages, buy-to-let mortgages, and more, as long as you can enter the information that the calculator needs. There are some more complex mortgages or features where the calculator might not be ideal, such as offsets, overpayments, part and part, etc. If you want a more exact look at what you might be paying, you can talk to one of our brokers.

What Information Do I Need to Use the Repayment Calculator?

To use our mortgage payment calculator, you need to enter the basic information of your mortgage or a mortgage you’re considering. This includes the amount you're planning to borrow, the interest rate, and the term length of your mortgage. You can use our moving home best buys to get an idea of some of the products potentially available to you.

Bear in mind that the amount you’ll borrow will usually be the purchase price of the property minus your deposit amount. The interest rate probably won’t be the same for the entire mortgage term as the introductory will end and/or you’ll take out a new product.

How Much Will My Mortgage Cost?

If you opt for a repayment mortgage, your monthly payments will usually be made up of 2 parts. These are the repayment towards the amount that you borrow and the interest you have to pay on top. If you have a repayment mortgage, you'll be paying back both of these at the same time. Alternatively, if you have an interest-only mortgage, you’ll only make interest payments each month until you pay back the mortgage at the end of the term. 

Our calculator can show you how much these monthly mortgage payments will be.

How Much of My Mortgage Payment Is Interest?

In the first few years of the mortgage you’ll pay proportionally more interest. This means the debt reduces more slowly. As time goes on, a great proportion of your monthly payment will be able to go towards the outstanding loan balance and less towards interest. This essentially means that you pay back a more significant amount of your outstanding mortgage balance as your progress towards the end of the mortgage term. On a fixed rate, your monthly payment will stay exactly the same, it’s just the proportions are different. The lender does this automatically.

How Do You Calculate a House Payment?

You can calculate your monthly payments easily with our calculator. It uses the term length of the mortgage to work out how much the total is with interest and then divides this across the number of years you select to give you a monthly total for your payment. This monthly total is the amount you’ll pay each month during the introductory period, assuming a fixed rate.

How Can I Change My Mortgage Payment Amount?

There are a few different ways that you can change how much you'll be paying monthly on your mortgage, including the following:

  • Deposit - if you increase the deposit you pay, you'll decrease the amount you need to borrow, which will lower your monthly payments
  • Term length - the term length is how long you take to pay back your mortgage. If you increase the term length, you'll divide the repayment over more months, leading to smaller payments. However, you'll increase the amount of interest that you pay in total
  • Interest rate - if you can find a lower interest rate, you'll be paying less in interest over the course of your loan, which will reduce the amount you have to pay each month. The easiest way to find a competitive mortgage deal is to speak to a mortgage broker like John Charcol

If you're able to afford higher monthly payments due to more disposable income, you could potentially use this excess capital to pay off your mortgage sooner. Paying off your mortgage loan sooner via overpayments will help lower the amount of interest that you have to pay in total, saving you money.

What Is a Repayment Mortgage vs an Interest-Only Mortgage?

We have a calculator that can operate as both a repayment mortgage calculator and an interest-only mortgage calculator. You can select what type of mortgage calculation you want from the drop-down box in the calculator.

A repayment mortgage is where you pay money towards the outstanding loan amount each month as well as paying interest. This means that the loan is fully paid off by the end of the term. An interest-only mortgage is where you just pay the interest each month, so the full initial loan amount is still owed at the end of the term. For an interest-only mortgage, you generally would have to show that you have a strategy to pay off the loan amount at the end.

Whatever type of mortgage you need, our expert brokers can help you find a deal that suits your plans. If you're unsure what type of mortgage to get, or if you need a more accurate look at what you could be paying, get in touch with John Charcol today to see how we can help.


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