Mortgage Repayment Calculator
Estimate your monthly mortgage repayments based on property price, deposit, interest rate and term.
This calculator provides estimates for illustration only and does not constitute financial advice. Actual mortgage offers depend on your circumstances, credit history, and lender criteria. Always consult a qualified mortgage adviser.
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Your budget starts with what your current home is worth - request a free, no-obligation valuation from local estate agents.
Last reviewed: 21 July 2026. Figures on this page were checked against the linked official sources on that date. This page is general information, not financial advice, and the results above are estimates only.
Repayment or interest-only?
A mortgage has two parts: the capital - the money you borrow - and the interest, the lender's charge on it. With a repayment mortgage, the most common type, your monthly payment covers both, the amount you owe falls every month, and the loan is fully repaid at the end of the term. With interest-only, the monthly payment covers just the interest and the whole capital falls due at the end - very few interest-only mortgages are now offered, usually only in special circumstances such as buy-to-let or later-life lending (MoneyHelper).
Your home acts as security for the loan - if repayments are not kept up, the lender can sell the property to clear the debt. Always check a payment is comfortably affordable, including if rates rise.
What changes your monthly payment
The interest rate
Interest is charged as a percentage of the loan, so the rate drives the monthly cost - and if your rate changes, so do your repayments. Deals come in several shapes: fixed (unchanged for typically two to ten years), variable, or tracker (following the Bank of England base rate plus a margin). When a deal ends you usually move to the lender's standard variable rate, which is normally higher - a common moment to remortgage. Market rates move with the Bank of England's Bank Rate.
The term
Most new mortgages run 25 to 40 years, with 25 the traditional norm. Stretching the term cuts the monthly payment but adds a lot of interest overall - in MoneyHelper's example, a £261,000 loan at 5.5% costs around £220,000 in interest over 25 years but £272,000 over 30. The calculator's total-interest line shows this trade-off directly.
The deposit
Your loan-to-value ratio (LTV) compares the loan with the property's value - a £200,000 home with a £50,000 deposit is 75% LTV. A bigger deposit means a lower LTV and usually a better rate, with around 60% LTV typically attracting the most competitive deals (MoneyHelper).
Mortgage fees to budget for
| Fee | Typical range |
|---|---|
| Booking fee | £100 - £200 |
| Arrangement / product fee | £1,000 - £2,000+ |
| Mortgage account fee | £100 - £300 |
| Valuation (if not covered by the lender) | £150 - £800 |
Indicative ranges from MoneyHelper's buying and moving cost guide. Paying fees upfront is usually best - added to the loan they accrue interest for its whole life. Stamp duty and legal costs sit on top: see our stamp duty calculator.
Frequently asked questions
What is the difference between repayment and interest-only?
A mortgage has two parts: the capital (the money you borrow) and the interest (the lender's charge on it). With a repayment mortgage - the most common type - your monthly payments cover both, the balance falls every month, and the loan is cleared by the end of the term. With interest-only you pay just the interest each month and must repay the whole capital at the end; very few interest-only deals are now offered, usually only in special circumstances such as buy-to-let or later-life lending. Source: MoneyHelper.
What mortgage term should I enter?
The typical term is 25 years, but most new mortgages run between 25 and 40 years depending on the lender, your age and affordability. A longer term lowers the monthly payment but costs a lot more interest overall - MoneyHelper's worked example puts total interest on a £261,000 loan at 5.5% at around £220,000 over 25 years versus £272,000 over 30. Try both in the calculator and compare the total interest line. Source: MoneyHelper.
What interest rate should I use?
Use the rate you have been offered or quoted. If you are just exploring, try a range - rates offered to you will depend on your deposit size (loan-to-value) and the wider market, which moves with the Bank of England's Bank Rate. Check the current Bank Rate for context - this page deliberately does not quote live product rates.
What is the difference between fixed, variable, tracker and SVR?
A fixed rate stays the same for a set period, usually two to ten years. A variable rate can move up or down, usually in line with the Bank of England base rate. A tracker follows another rate - typically the base rate plus a margin - so it moves when that rate moves. The standard variable rate (SVR) is the lender's own rate, can change at any time, and is usually higher; when a fixed deal ends you normally move onto the SVR unless you remortgage. Source: MoneyHelper.
What is APRC?
The Annual Percentage Rate of Charge is the yearly total cost of a mortgage including all fees and charges, assuming you keep it for the full term. Lenders must state it, which makes it a fair way to compare deals whose headline rates and fees differ. Source: MoneyHelper.
Can I overpay my mortgage?
Many lenders let you overpay up to 10% of the balance a year without penalty, and regular or one-off overpayments can cut the total interest substantially. But going over your deal's allowance - or repaying the whole loan during a deal period - can trigger early repayment charges, so check your own terms first. Source: MoneyHelper.
What fees come with a mortgage?
MoneyHelper's cost guide lists a booking fee of £100 to £200, an arrangement or product fee of £1,000 to £2,000 or more, a mortgage account fee of £100 to £300, and a valuation costing £150 to £800 if the lender does not cover it. Paying fees upfront is usually best - added to the loan, they accrue interest for its whole life. Source: MoneyHelper.
Does this calculator tell me what I can afford?
No - it shows what a given loan costs per month, not what a lender would offer you. Lenders assess your income, outgoings and how you would cope with rate rises. For a borrowing estimate, try our affordability calculator, and remember stamp duty and other buying costs sit on top - our stamp duty calculator covers that side.
This page is general information, not financial advice, and does not promote any lender or product. Results are estimates based on what you enter - your actual offer and rate depend on the lender's assessment. For personal advice speak to a mortgage adviser; free, impartial guidance is available from MoneyHelper.