Mortgage repayment calculator
Use our easy tool to calculate monthly mortgage repayments and how interest rate changes can affect your mortgage.
How to use our mortgage repayment calculator
This tool can give you an estimated figure showing the monthly repayments you’d make 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.
What is a mortgage repayment?
A mortgage repayment is the regular payment made by you (the borrower) to the lender (such as a bank or building society) to pay back the money you borrow to buy your home (your mortgage). This payment includes interest charges.
How do you calculate mortgage repayments?
This tool takes the amount you want to borrow and total interest you might pay and then divides it by the number of months you want to repay. This then calculates what your monthly mortgage repayment might be.
We've set the interest rate to the current Bank of England base rate. For a more accurate result, update this to the rate you're paying now, or what a lender has offered you.
How much will my mortgage repayments be?
The figures shown in our tool are computer-generated estimates and should be used as a guide only. Your lender will confirm your exact monthly repayment amount and payment date when you take out a 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
- Get started with our first-time home buyer guide
- 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.
- Check if you qualify for government schemes for first-time home buyers and existing homeowners.
Budget planning
Mortgage FAQs
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.
Can I get a mortgage?
Whether you can get a mortgage depends on your circumstances, including:
- income
- age
- employment
- deposit size
- debts and monthly expenses
- mortgage type and property you want to buy.
Explore lots of useful guides in our section on Mortgages and homebuying.
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, so try to:
- 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.