Free calculator
Mortgage repayment calculator
Enter the property price, your deposit, a rate and a term. The calculator shows the monthly payment on a repayment basis and on interest only, the total interest over the term, and what happens to the payment if rates rise.
Figures are illustrative only. They are not advice, not a quote and not an offer of finance. Lender criteria vary and change.
How the calculation works
A repayment mortgage clears the debt over the term, so each payment covers the interest for that month and a slice of the capital. Early on most of the payment is interest, which is why overpaying in the first years saves far more than overpaying near the end. An interest only mortgage pays the interest and nothing else, so the balance is still there at the end and needs a repayment plan behind it. Most buy to let mortgages are interest only, most residential mortgages are repayment.
Loan to value is the loan as a share of the property value, and it is the single biggest driver of the rate you are offered. The bands lenders price at are typically 60%, 75%, 80%, 85%, 90% and 95%, so a deposit that nudges you under a band can be worth more than shopping for a better lender. If you are buying to let rather than to live in, the rental stress test decides your maximum loan too, and that is covered in our guide to how lenders stress test buy to let affordability.
The rate rise table is there because a fixed rate ends. When it does, the balance moves onto whatever is available then. Checking the payment two or three per cent higher is a quick way to see whether a case is comfortable or tight.