Mortgage repayment calculator
Use our simple tool to calculate monthly mortgage repayments, how much you can afford and how interest rate changes can affect your mortgage.
How to use our mortgage repayment calculator
This tool gives you a simple, ballpark figure to show you the monthly payments you’d pay on:
- a new mortgage
- interest-only or repayment mortgages.
To get started all you need is the price of your property, or the amount left on your mortgage.
How are mortgage payments calculated in this tool
We take the amount you want to borrow and total interest you might pay and divide it by the number of months you want to repay. This calculates what your monthly mortgage repayment might be.
Results are computer-generated and show a fixed rate, but you can change the interest rate in the calculator to check repayments for variable or tracker mortgages. Use it only as a guide when planning how big a mortgage you can afford.
What is a mortgage?
A mortgage is a large loan, typically from a bank or building society, that lets you borrow money to buy a property, like a house, flat or plot of land.
Your property acts as ‘security’ for your mortgage loan, which means that if you don’t keep up with repayments, the lender can sell it to clear the debt.
You repay the borrowed amount, plus interest, over an agreed time. This could be as long as 40 years with some lenders, depending on your age and what you can afford.
Find out more in our guide, Understanding mortgages and interest rates.
What is a mortgage repayment?
A mortgage repayment is the regular payment made by you (the borrower) to the lender (such as a bank) to repay the money you borrowed. This includes any interest charges.
You and the lender will work out when and how much you’ll pay each month when you take out your mortgage.
How does mortgage interest work?
When you take out a mortgage loan, the lender charges you interest on the amount you borrow. This interest is a percentage of your loan amount and adds to your monthly mortgage repayments.
If your mortgage interest changes, so will your repayments. You can use this mortgage repayment calculator to check how any change affects your monthly costs.
Useful guides for mortgage planning
First-time buyers
- Use our step-by-step guide on Buying a house or flat in England, Wales and Northern Ireland or Buying a property in Scotland - a money timeline.
- How to save money for a mortgage deposit .
- Check if you qualify for government schemes for first-time home buyers and existing homeowners.
Budget planning
Mortgage FAQs
Can I get a mortgage?
Whether you can get a mortgage depends on your circumstances, including:
- income
- age
- employment
- deposit size
- debts and outgoings
- mortgage type and property you want to buy.
Explore lots of useful guides in our section on Mortgages and homebuying.
How big a mortgage can I afford?
Use our Mortgage affordability calculator to see how much you could borrow for a mortgage.
When should I get a mortgage?
There’s no perfect time to apply for a mortgage, but it helps if you’re prepared for when you find the right property.
- Save a deposit – you’ll need at least 10% of the purchase price.
- Keep your finances stable - avoid taking out new credit or making large purchases.
- Check and build up your credit score.
Find out more in our guide, How to apply for a mortgage.
