CalcArcade.

UK Mortgage Calculator

Enter the property price, your deposit, the rate and the term. You get the monthly payment, what it becomes when the fixed period ends, the total interest and the amount still owed.

Your numbers

Result

Estimate for information only, not professional advice. Last reviewed .

How we calculate it

The loan is the price minus the deposit. UK lenders charge interest each month at the yearly rate divided by 12. For a repayment mortgage the monthly payment is P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n the number of months, and it pays off the loan by the end of the term. For an interest-only mortgage the payment is just P × r, and the whole loan is still owed at the end.

When a fixed rate ends, the lender moves you to a new rate. For a repayment mortgage the payment is worked out again on the balance you still owe over the years that remain. For example, a 240,000 loan at 4.5% fixed for 5 years over 25 years costs £1,334.00 a month. After 5 years you owe £210,858.97, and at 7% for the remaining 20 years the payment becomes £1,634.79. An interest-only loan of the same size costs £900.00 a month at 4.5%.

Assumptions and limits

  • Stamp Duty Land Tax (and the equivalent taxes in Scotland and Wales), fees, valuation costs and insurance are not included. Lenders may also use a different way of working out the payment, so check your offer.
  • The calculator assumes you make no overpayments and that the rate after the fixed period stays the same. Real rates change.
  • An interest-only mortgage needs a plan to repay the capital at the end, for example from savings or the sale of the property. Your home may be repossessed if you do not keep up repayments on your mortgage.

Frequently asked questions

What is the difference between a repayment and an interest-only mortgage?

With a repayment mortgage each payment covers interest and some of the loan, so you owe nothing at the end of the term. With an interest-only mortgage you pay only the interest and still owe the whole loan at the end.

What happens when my fixed rate ends?

You normally move to the lender's standard variable rate, or another rate, unless you remortgage. Enter that rate in the box for the rate after the fixed period to see the new payment.

How much deposit do I need?

Lenders set a minimum deposit, often 5% to 10% of the price, and offer better rates for larger ones. The loan to value (LTV) shown tells you how much of the price you are borrowing.

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Worked example (a fixed example using the starting numbers, it does not change as you type)

Inputs: Property price (£) = 300000; Deposit (£) = 60000; Interest rate (% a year) = 4.5; Fixed rate period (years, 0 if the rate never changes) = 5; Rate after the fixed period (% a year) = 7; Mortgage term (years) = 25; Type of mortgage = Repayment (capital and interest).

  • Monthly payment £1,334.00
  • Monthly payment after the fixed period £1,634.79
  • Loan amount £240,000.00
  • Loan to value 80%
  • Balance at the end of the fixed period £210,858.97
  • Total interest £232,388.84
  • Total repaid £472,388.84

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Last reviewed: . Formulas and assumptions are described on our methodology page. For information only; not professional advice.