Mortgage Calculator UK
Calculate monthly payments, total interest, and see your full repayment schedule.
Monthly Repayment
£1,556
/month
£280,000
Loan Amount
£186,899
Total Interest
£466,899
Total Repaid
80%
LTV Ratio
Where Your Money Goes
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How Mortgage Repayments Work
A repayment mortgage splits each monthly payment between interest and principal. In the early years, most of your payment goes toward interest. As the loan balance decreases, more goes toward principal — this is why the total interest paid can be surprisingly high.
What Affects Your Monthly Payment?
Property price and deposit determine your loan amount. A larger deposit means a lower LTV (loan-to-value) ratio, which typically qualifies you for better interest rates. Interest rate is the biggest factor — even 0.5% makes a significant difference over 25 years. Term length trades off between lower monthly payments (longer term) and less total interest (shorter term).
Current UK Mortgage Rates (April 2026)
Average 2-year fixed rates sit around 4.2-4.8% depending on LTV. 5-year fixes are typically 0.1-0.3% higher. Tracker mortgages follow the Bank of England base rate plus a margin. These rates change regularly — check with a mortgage broker for current offers.
Important Notes
This calculator shows repayment mortgages only (not interest-only). Results are estimates based on the interest rate remaining constant. In practice, you'll likely remortgage every 2-5 years at different rates. Always seek professional mortgage advice before making a decision.
About the Mortgage Repayment Calculator
We built this mortgage calculator because when I was applying for my first mortgage, I wanted to quickly see how different rates and terms affected my monthly payment. It shows you exactly what your repayments will be based on the loan amount, interest rate, and term length. If you are buying your first home or remortgaging, knowing your monthly commitment and total interest cost is essential for making informed decisions about the biggest financial commitment most people ever make.
Your Loan-to-Value ratio (LTV) — the percentage of the property value you are borrowing — directly affects the interest rates available to you. A 60% LTV will typically secure rates 0.5-1% lower than a 90% LTV. On a £250,000 mortgage over 25 years, even a 0.5% rate difference saves over £15,000 in total interest. Fixed rates give payment certainty for 2-5 years, while variable rates (tracker or SVR) move with the Bank of England base rate and can be cheaper initially but carry risk.
How to Use This Calculator
- Enter your property value and deposit amount (or loan amount directly)
- Input the interest rate — check current best-buy tables for realistic figures
- Set the mortgage term in years (typically 25-35 years)
- Choose between repayment (capital + interest) or interest-only
- Review monthly payments, total interest paid, and total amount repaid over the term
Key Facts
Overpaying by just £100/month on a £200,000 mortgage at 5% over 25 years saves over £26,000 in interest and clears the mortgage nearly 5 years early. Most lenders allow 10% overpayment per year without early repayment charges. When your fixed deal ends, you will move to the lender's SVR — always remortgage before this happens as SVRs are typically 2-3% higher than the best available rates.
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