Mortgage Repayment Calculator

Use our professional UK mortgage repayment calculator to estimate your monthly payments, total interest, and total cost. Compare repayment types and plan your mortgage budget with confidence.

The total amount you plan to borrow.
Annual interest rate for your mortgage.
Length of the mortgage in years (1-40).
Choose between repayment or interest-only mortgage.

How Mortgage Repayments are Calculated

This calculator uses standard industry formulas to estimate your monthly payment, total interest, and total repayment for both repayment and interest-only mortgages. It helps you compare options and plan your budget effectively.

Frequently Asked Questions

Common questions about mortgage repayments

How is my monthly mortgage payment calculated?

Your monthly payment is calculated using the loan amount, interest rate, term, and repayment type. For repayment mortgages, both capital and interest are paid each month. For interest-only, only the interest is paid monthly.

What is the difference between repayment and interest-only?

Repayment mortgages pay off both the loan and interest over time, so the balance reduces each month. Interest-only mortgages only pay the interest, so the loan balance remains until the end of the term.

Can I change my repayment type later?

Some lenders allow you to switch between repayment and interest-only, but this depends on your circumstances and lender policy. Always check with your lender before making changes.

How does the interest rate affect my payments?

A higher interest rate increases your monthly payment and total interest paid. Use the calculator to see how different rates impact your repayments.

What happens at the end of an interest-only mortgage?

At the end of an interest-only mortgage, you must repay the full loan amount. It's important to have a repayment plan in place, such as savings or investments, to cover the balance.