Advertisement

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. Indeed, there are strict rules in place which are designed to stop people borrowing more than they can afford. Hence our mortgage repayment calculator will give you a good idea as to how much you will be expected to repay per month. Of course, this can be influenced by many factors including what type of mortgage you opt for, as well as the Bank of England base rate.

Advertisement

Mortgage Repayment Calculator

£
Your Result

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.

How to use a mortgage repayment calculator

Using our mortgage repayment calculator is easy and straight forward. Simply key in the amount you wish to borrow and over how many years you would like this mortgage to run. Typically, this has been around 25 years for new mortgages but there are a growing number of providers and borrowers who will consider longer repayment periods to make the repayments more affordable.

Next, enter the mortgage interest rate of the mortgage product you are considering. Remember that if you opt for a variable mortgage product this interest rate can rise or fall depending on the lender and the Bank of England base rate.

 Finally, choose the repayment type you prefer: Capital & interest if you want to repay both the sum borrowed and any interest, or just interest only. Hit the calculate button and you’ll be able to see the monthly repayments based on your answers.

Note

This calculator is intended to give an indication only.

Still not sure?

Read all mortgage guides
guide icon
First-time buyer guide

Our guide to help you get financially ready to buy your first home.

Read More
guide icon
The first-time buyer’s guide to getting on the housing ladder

This guide is essential reading for any first time buyer.

Read More
guide icon
What are mortgage affordability checks?

This guide helps you to understand and prepare for mortgage affordability checks.

Read More
guide icon
How much can I borrow for a mortgage?

This guides provides you with the information you need know when deciding how much you can borrow for a mortgage.

Read More

How Moneyfacts works

  • blue money scales

    BALANCED. Moneyfacts.co.uk is entirely independent and authorised by the Financial Conduct Authority.

  • free label

    FREE. There is no cost to you. Our service is entirely free and you don't need to share any personal data to access our comparison tables.

  • drawing of pound sign and arrow

    TRANSPARENT. We only receive payment from product providers and intermediaries for quick/direct links and adverts through to their websites.

  • blue binoculars

    COMPREHENSIVE. We research the whole market and scour the small print so you can find the best products for your needs.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy