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

If you’re looking to buy a property, it's prudent to work out what your mortgage payments would be, to ensure you could meet them without being overstretched.

Our Mortgage repayment calculator can help. Simply enter:

  1. Mortgage type: Repayment or Interest only?
  2. Property value (how much does it cost?)
  3. Your deposit value (how much you have saved)
  4. The mortgage term (how many years are you borrowing the money for?)
  5. The mortgage interest rate

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

You will notice that the mortgage term will dramatically impact your monthly repayments.

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

Interest only vs. repayment mortgages

There are two main ways of paying for a mortgage: Interest only and Repayment.

With an interest-only mortgage, you only pay back the interest on your principal debt (the original sum that you borrowed from the mortgage lender).

This means your monthly mortgage payments are much lower - but you won't own the property at the end of your mortgage term.

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

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 so neither does the amount of interest. Some people with interest-only mortgages choose to save/invest for the bulk of the debt elsewhere.

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.

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

Buy-to-let mortgage repayments

Buy-to-let mortgages are taken out by landlords who wish to buy a property to rent it out.

To qualify, landlords will usually need to own their own home, have a good credit record and earn at least £25,000 a year. Many lenders will also prefer you to be under a certain age – and typically younger than 70-75 when the mortgage ends.

Most landlords with multiple properties choose interest-only, buy-to-let mortgages, 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.

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 payments - 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.

The spread of coronavirus (COVID-19) has resulted in some income protection providers adding coronavirus-related exemptions to new policies or even pulling out of the market.

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Last updated: 10 August, 2020