Mortgage Calculator
Calculate monthly payments, total interest, and the full cost of your mortgage.
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£
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yrs
Monthly Payment
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per month
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Loan Amount
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Total Interest
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Total Amount Repaid
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Loan to Value (LTV)
About the Mortgage Calculator
A mortgage is a loan secured against a property. Most residential mortgages in the UK are repayment mortgages, where each monthly payment reduces both the interest and the outstanding loan balance. The standard term is 25 years, though 30 and 35-year terms are increasingly common.
Factors affecting your mortgage payment
- Loan amount: The property value minus your deposit
- Interest rate: Fixed or variable — use your current deal rate or the lender's SVR
- Term: Longer terms mean lower monthly payments but significantly more total interest
- Loan to Value (LTV): Lower LTV = better rates and less risk to the lender
This calculator is for illustrative purposes. Always consult a qualified mortgage advisor before making financial decisions.
Frequently Asked Questions
How is a mortgage payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments.
What is amortisation?
Amortisation is the process of paying off your mortgage over time through regular payments. Early payments are mostly interest; later payments are mostly principal.
How much deposit do I need?
In the UK, the minimum deposit is typically 5% of the property value. A 10% deposit unlocks better rates, and 20–25% typically gives access to the best mortgage deals.
What is the difference between repayment and interest-only mortgages?
With a repayment mortgage, each payment covers both interest and reduces your loan balance. With interest-only, you only pay the interest — the full loan must be repaid at the end of the term.