Mortgage repayment calculator
See the monthly payment, what the mortgage costs in total, and how much of that is interest.
That is 20.0% of the price.
Annual rate. Fixed deals usually revert to a higher rate after the fixed period.
Your figures
Amount borrowed
£240,000
Loan to value
80.0%
Total interest
£170,485
Total repaid
£410,485
Monthly payment
£1,368.28
Four things the number does not tell you
The monthly figure is the easy part. These are the factors that change what you will actually pay.
The rate will probably change
Most UK mortgages fix for two to five years and then revert to the lender's standard variable rate, which is usually higher. This calculator holds one rate for the whole term, so treat the total interest as a comparison tool rather than a forecast.
Affordability is not just arithmetic
Lenders stress-test your payments against a higher rate and weigh your income, commitments, dependants and credit history. Two people borrowing the same amount can get very different answers.
Loan to value drives pricing
Rates improve in steps as your deposit grows — commonly at 90%, 85%, 80%, 75% and 60% loan to value. Finding a little more deposit to cross the next threshold can be worth more than shopping around.
What is not included
Product fees, valuation and legal costs, stamp duty, buildings insurance and any early repayment charge. Fees can often be added to the loan, which spreads them but means paying interest on them.
Stretching the term lowers the payment and raises the cost
Try the same figures at different terms in the calculator above — the trade-off is usually larger than people expect.
| Term | Trade-off |
|---|---|
| 20 years | Highest monthly payment, least interest overall. |
| 25 years | The traditional default, and still the most common. |
| 30 years | Lower monthly payment, noticeably more interest paid. |
| 35+ years | Cheapest monthly, most expensive overall. Lenders cap by retirement age. |
Risk warning
Your home may be repossessed if you do not keep up repayments on your mortgage. This calculator is an illustration and does not constitute advice or an offer of credit.
Find out what you could actually borrow
We look across the whole market and tell you which lenders fit your circumstances.
