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Mortgage Repayment Calculator

When it comes to mortgages, the issue of how much you can afford in terms of the repayments is just as important as how much the mortgage provider will lend you. Our quick mortgage repayment calculator will give you a good idea as to how much you will be expected to repay per month. Please note, the calculator is intended to give an indication only. You may also be interested in calculating how much you could borrow for a mortgage.


Mortgage Repayment Calculator

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How to calculate your mortgage repayments

Gauging the approximate cost of your monthly repayments using our mortgage calculator is easy. First, simply input in the total amount that you think you’ll need to borrow and detail how many years you would like the loan over – normally for new mortgages for first-time buyers this will be around 25 years, however more lenders are now happy to offer mortgages over periods of up to 40 years.

Next, you need to specify the interest rate in order to calculate your monthly mortgage repayments. If you have no idea of the mortgage interest rate, you can always take a look at our mortgage comparison charts to get an idea of the deals currently available for your needs and circumstances.

Finally, our mortgage repayments calculator will need to know what type of loan repayment you need: capital and interest or interest only. Don’t panic if you aren’t sure. Simply put, capital and interest repayments mean that each month you pay off a proportion of the sum borrowed plus interest, while interest only means that you are just paying off the monthly interest on your loan without ever repaying the sum you’ve borrowed. To find out more about the different types of mortgage repayment options – and those that may be suitable for you – check out our handy guide: Repayment and interest-only mortgages explained.

Once you’ve filled in the required information on our residential mortgage repayment calculator, simply click the ‘Calculate’ button to see how much you might be expected to pay on a monthly basis. Of course, your repayments can be influenced by many factors, including what type of mortgage you opt for, your mortgage needs – such as whether you are looking to simply move home or if you are a first-time buyer – as well as the Bank of England base rate. It's also important to note that monthly repayments in variable and tracker mortgages can change depending on the interest rates being charged by your mortgage provider.

Why use a mortgage repayment calculator?

Understanding roughly how much your monthly repayments will be is a crucial step in budgeting for a new mortgage. Taking out a mortgage at the upper end of your affordability may at first seem like a good idea but depending on the type of mortgage you decide to go for, mortgage rate increases could see you saddled with repayments that you can’t afford. Instead, it’s best to opt for mortgage repayments that you can comfortably afford – even if this means borrowing slightly less.

What does the monthly mortgage repayment calculator not cover?

Please note that our monthly mortgage repayments calculator will only give you an idea of how much you’ll be paying per month for your mortgage. This does not include any additional costs normally associated with buying a home, such as stamp duty, legal fees, valuation and surveyors costs and product fees to name just a few. For more information on this, take a look at our guide to What fees do I need to pay when getting a mortgage?

In addition, the mortgage loan calculator works by taking one interest rate over the whole term you have specified. If you would like to see the results for a specific type of product (such as fixed rate, trackers, discounted variable, etc.) then you should refer to the representative examples for each product on our mortgage comparison charts. This calculator is designed for residential mortgage repayments and does not apply to buy-to-let mortgages. This facility is also not designed to be an overpayment calculator.


Should I speak to a mortgage broker?

Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.


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Call 0808 149 9177 or request a callback

Mortgage Advice Bureau offers fee free mortgage advice for Moneyfacts visitors that call on 0808 149 9177. If you contact Mortgage Advice Bureau outside of these channels you may incur a fee of up to 1%. Lines are open Monday to Friday 8am to 8pm and Saturday 9am to 1pm excluding bank holidays. Calls may be recorded.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Can I use this as a mortgage interest calculator?

Yes, but only in respect of your monthly repayments for an interest-only mortgage. The results will show the amount of interest payable per month for interest-only mortgages if selected.

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Is this a mortgage comparison calculator?

No. If you need to compare mortgage products then you need to go straight to our comprehensive, all of market mortgage comparison charts. All the mortgage providers listed are authorised and regulated by the Financial Conduct Authority (FCA).

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