Work out your monthly mortgage payments before you commit.
Whether you're a first-time buyer trying to understand what you can afford, or an existing homeowner looking at remortgaging options, this free calculator shows your monthly repayments, total interest, and the full cost of your mortgage over the term.
Enter your mortgage amount, interest rate, and term. Choose repayment or interest-only. Click Calculate for an instant breakdown.
UK Mortgage Calculator — How to Use
Enter your mortgage amount, interest rate and term, choose repayment or interest-only, and click Calculate. You instantly see your monthly repayment, total interest paid and the full cost of the mortgage over the term.
Repayment vs Interest Only
A repayment mortgage means each monthly payment reduces both the interest and the outstanding balance. At the end of the term you own the property outright. An interest-only mortgage means you only pay the interest each month — the original loan amount remains and must be repaid separately at the end of the term.
How is a mortgage calculated?
Monthly repayments on a repayment mortgage are calculated using the standard amortisation formula, which accounts for the fact that early payments are mostly interest while later payments are mostly capital. The interest rate is divided by 12 to get the monthly rate, then applied to the outstanding balance each month.
- How much can I borrow for a mortgage in the UK?
- Most UK lenders will lend between 4 and 4.5 times your annual salary. Some lenders go up to 5.5 times for high earners or professionals. Use our salary calculator alongside this tool to understand your borrowing capacity.
- What is a good mortgage interest rate in 2026?
- In 2026, competitive UK fixed rates are around 4.1% to 4.5% for 2 and 5-year fixes at 60-75% loan-to-value. Always compare rates from multiple lenders or use a mortgage broker.
- How much deposit do I need for a mortgage?
- Most lenders require a minimum 5-10% deposit, though better rates are available with 25% or more. A 10% deposit on a £300,000 property means borrowing £270,000.
- What is the monthly repayment on a £200,000 mortgage?
- On a £200,000 repayment mortgage at 4.5% over 25 years, monthly repayments are approximately £1,111. Use this calculator to enter your exact figures.
- What is the difference between a repayment and an interest-only mortgage?
- With a repayment mortgage, each monthly payment covers both the interest charge and a portion of the outstanding loan. By the end of the term, the mortgage is fully paid off. With an interest-only mortgage, you only pay the interest each month — the original loan amount remains unchanged and must be repaid in full at the end of the term, typically from savings or sale of the property.
- How much can I borrow for a mortgage in the UK?
- Most UK lenders will lend between 4 and 4.5 times your annual salary. Some lenders offer up to 5.5 times income for high earners or certain professions. A mortgage broker can access deals from across the market and advise on what you can realistically borrow.
- Should I fix my mortgage rate in 2026?
- This depends on your personal circumstances and view on interest rates. Fixed rates provide certainty — your payment stays the same for the fixed period regardless of Bank of England base rate changes. Tracker mortgages follow the base rate and can fall as well as rise. Always compare deals with a whole-of-market broker before deciding.