Mortgage repayment calculator

Calculate your monthly mortgage repayments using our mortgage repayment calculator. Find out your mortgage repayments whether you're a first-time buyer, home mover or you're remortgaging. Compare payments for normal, interest-only and buy-to-let mortgages. Or explore our mortgage repayment guide to learn more.

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Repayment type

First-time buyers are unlikely to be able to secure an interest-only mortgage

Property value

£

Deposit amount

£

Mortgage term

Full mortgage repayment period

10 years
25 years
40 years

years

Initial interest rate

Choose an example below, or enter a rate if you already know it

Enter a different rate

%

How to use this mortgage payment calculator

To work out your monthly mortgage repayments, you need to know: how much you want to borrow, the mortgage term, and the mortgage interest rate.

You can also use the calculator as an interest-only mortgage calculator - but if you're a first-time buyer, it is unlikely that you'll be able to get an interest-only mortgage. You can read more about that below.

If you don't know the mortgage rate, the calculator has three example rates that you can use. These are average mortgage rates for 2-, 3-, and 5-year fixed rate mortgages.

The mortgage term will dramatically impact your monthly repayments. There are mortgages on the market that allow for 35- or even 40-year terms. This will reduce your monthly repayments, but they will cost you a lot more in interest overall.

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Interest only vs. repayment mortgages

There are two main ways of paying for a mortgage: interest only and repayment. If you are a first-time buyer, you are unlikely to be offered an interest-only mortgage - usually you will need to own another property, or significant asset, before a bank will agree to give you an interest-only mortgage.

With a repayment mortgage, you pay back some of the principal debt every month. The principal debt is the original amount that you borrowed from the mortgage lender. By the end of your mortgage term (usually 25 to 30 years), you will have repaid everything and own your house outright.

With an interest-only mortgage, you only pay back the interest on your principal debt. This means your monthly mortgage payments are much lower - but you won't own the property at the end of your mortgage term.

An interest-only mortgage costs more overall, because you're paying interest on the principal debt every month. The amount of debt never goes down, and neither does the amount of interest.

You can use our mortgage repayment calculator to work out how much an interest only mortgage would cost you per month - and it'll also tell you the total cost of the mortgage over the complete term.

Learn more about interest-only mortgages

Buy-to-let mortgage repayments

Most buy-to-let mortgages, if you are a landlord who owns more than one property, are interest-only rather than repayment mortgages.

This keeps monthly mortgage payments down - but you must have some way of paying back the full mortgage amount at the end of the mortgage term. This is known as a repayment vehicle.

Usually you would sell the property (or another in your portfolio) to pay back the principal debt, but there are other types of repayment vehicle, such as an inheritance or other investments.

If you use our calculator to work out buy-to-let mortgage repayments, bear in mind that buy-to-let mortgage rates are often higher than a standard mortgage.

Learn more about buy-to-let mortgages

Monthly mortgage repayments

Use the table below to get a rough idea of what your monthly payments would be, for a two-year fixed rate repayment mortgage.

We have assumed an LTV of 85%, which is close to the average LTV for first-time buyers in the UK.

Monthly mortgage repayments on...

Mortgage amountInterest rateTermMonthly payment
£100,0001.7%25 years£409
£150,0001.7%25 years£614
£200,0001.7%25 years£819
£250,0001.7%25 years£1,024
£300,0001.7%25 years£1,228
£350,0001.7%25 years£1,443
£400,0001.7%25 years£1,638

Mortgage payment protection

If you are unable to pay your mortgage repayments due to long-term sickness or unemployment, then mortgage payment protection insurance (MPPI) will cover your mortgage - usually for up to two years.

There are many types and varieties of MPPI, and you should talk to an independent advisor about your options to make sure you get the cover that you need. You could also look into income protection insurance, which can be more effective than MPPI if you're unable to work for a long period of time.

Another type of mortgage payment insurance is mortgage life insurance, which settles your entire mortgage debt if you die.

Learn more about mortgage life insurance

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Last updated: 10 July, 2019

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