Mortgage calculator – calculate repayments
Mortgages are some of the biggest commitments you’ll make in your financial life. And with all the options, it can be hard to work out what they’ll cost you. Our mortgage calculator can help.
New mortgages, interest-only mortgages and interest rate rises
It’ll give you a simple, ballpark figure to show you the monthly payments you’d pay on:
- new mortgages
- interest-only mortgages
- your mortgage if you increase or decrease the term
- your mortgage if there was an interest rate rise.
You can also adjust the mortgage term, interest rate and deposit to get an idea of how those affect your monthly payments.
To get started all you need is the price of your property, or the amount left on your mortgage.
How does this tool calculate mortgage payments?
This mortgage calculator uses your loan amount, interest rate, and an optional deposit, to give an idea of your monthly mortgage repayments.
Results should only be used as a guide.
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.
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 do mortgage interest rates 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 payments.
If your mortgage interest changes, so will your repayments. Use our calculator to check how any change may affect your monthly costs.
