Mortgage Repayment Calculator
Estimate your monthly mortgage repayments based on property price, deposit, and interest rate. Save your parameters to see personalised figures on property listing cards.
How is this calculated?
This calculation is based on a standard repayment mortgage where you pay back both the interest and a portion of the original loan each month.
The formula used is the standard amortisation formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ], where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the number of months.
Frequently Asked Questions
How do interest rates affect my monthly payment?
Even a small 0.5% increase in interest rates can add hundreds of pounds to your monthly repayments over time. It's always best to lock in a fixed-rate mortgage if you want stability.
Should I choose a longer or shorter mortgage term?
A longer term (e.g., 35-40 years) results in lower monthly payments but costs significantly more in total interest. Shorter terms (15-20 years) save you money in the long run but require higher monthly outgoings.
How much deposit do I really need?
While many lenders accept 5%, having a 10% or 15% deposit often unlocks much better interest rate tiers, potentially saving you thousands over the lifetime of the loan.
What is the difference between fixed and variable rates?
Fixed rates stay the same for a set period (2-10 years), providing budget certainty. Variable rates can change based on the Bank of England's base rate.