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Mortgage Calculator

Estimate your monthly mortgage repayments in seconds. Enter your property value, deposit, term and interest rate to compare repayment and interest-only costs.

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15
5%

Your monthly repayments

Repayment mortgage
£1186
Interest-only mortgage
£625

How to use the mortgage calculator

  1. Enter the property value – the purchase price of the home.
  2. Enter your deposit – how much cash you’re putting down upfront.
  3. Choose the mortgage term – how many years you want to repay the mortgage over.
  4. Set an interest rate – use an estimated rate (e.g. your lender’s fixed rate, or an average market rate).
  5. Review your monthly repayments – compare repayment vs interest-only costs.
Tip: If you’re not sure what interest rate to use, try two or three scenarios (for example 4%, 5.5%, 7%) to understand the range.
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What the results mean

Your calculator shows two monthly figures. Here’s what each one represents.

axeptio-brands

Key points

  • Pays off the mortgage over the agreed term
  • Balance reduces with every monthly payment
  • Typically higher monthly payment than interest-only
  • Typically higher monthly payment than interest-only
Mortgage Type

Repayment

axeptio-brands

Key points

  • Lower monthly payment than a repayment mortgage
  • Balance typically stays the same during the term
  • Requires a repayment strategy for the end of the term
  • Best suited to specific circumstances and lender criteria
Mortgage Type

Interest-only

Your monthly payment covers the interest only, so the loan balance usually stays the same throughout the term. You’ll need a separate plan to repay the full amount borrowed at the end of the mortgage.

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What affects your monthly repayment?

Your monthly mortgage cost isn’t just based on the property price. Small changes to the rate, term and deposit can make a noticeable difference. Use the points below to understand what moves the numbers.

Deposit size (LTV)

A larger deposit typically means a lower Loan-to-Value, which can unlock better rates and reduce monthly repayments.

Interest rate

The higher the rate, the more you pay each month. Try a few rate scenarios to see how sensitive your repayments are to changes.

Mortgage term

A longer term can reduce monthly payments, but usually increases the total interest paid over the life of the mortgage.

Mortgage type

Repayment mortgages pay down the balance over time. Interest-only payments are lower, but the full loan still needs repaying at the end.

Fees and product costs

Arrangement fees and other costs can change the true cost of borrowing. If fees are added to the loan, repayments may be higher.

Overpayments

Overpaying can reduce interest and shorten the term, but lenders often have limits—especially during fixed-rate periods.

Frequently Asked Questions

How accurate is this mortgage calculator?

It provides an estimated monthly repayment based on the figures you enter. Your lender’s exact payment may differ depending on the product, fees, and how interest is calculated.

Does the calculator include mortgage fees?

Typically, no. Some mortgages have arrangement/product fees and other costs. If fees are added to the loan, your repayments may be higher than this estimate.

What interest rate should I use?

If you have a quote from a lender or broker, use that rate. If not, try a few realistic scenarios (for example a lower, expected, and higher rate) to understand how repayments could change.

What’s the difference between repayment and interest-only?

A repayment mortgage covers interest and pays down the balance over time, so the loan is typically cleared by the end of the term. Interest-only payments cover the interest only, meaning the balance usually remains to be repaid at the end.

Why is my lender’s quote different to the calculator?

Lenders may factor in product fees, incentives, different repayment start dates, or use slightly different calculation assumptions. The calculator is a planning tool, not a formal quotation.

Can this calculator tell me if I’ll be accepted for a mortgage?

No. Mortgage approval depends on affordability checks, credit history, and lender criteria. This tool helps you estimate repayments so you can plan, but it doesn’t assess eligibility.