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.


Mortgage Repayment Calculator

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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.


This calculator is intended to give an indication only.

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