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Mortgage repayment calculator

Find out what your monthly mortgage repayments could be

See what the interest rate will do to your monthly payments.

Are you a first-time buyer or looking to remortgage?

Your monthly mortgage repayment:

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Your real interest rate is worked out by the lender based on your circumstances. The information provided is purely for illustrative purposes

Work out your monthly mortgage repayments

To calculate mortgage repayments, just enter the amount you plan to borrow, the number of years you want to pay it back over, and the interest rate you're expecting. The calculator will show you your monthly mortgage repayments in seconds - helping you budget more accurately and plan with confidence.

You can use it to:

  • Work out mortgage repayments for different loan amounts
  • Compare repayment terms (e.g. 25 years vs 30 years)
  • See the impact of changing interest rates
  • To show you the difference between repayment and interest only
  • Get a rough idea of the average mortgage repayments for your budget

It's also helpful if you're wondering “What mortgage can I get?” based on your income. While this tool won’t give you a lending decision, it can support your thinking by showing the monthly costs tied to different mortgage sizes.

The information provided is for illustrative use only.

What will my monthly mortgage repayments be?

Your monthly mortgage repayments depend on three main factors:

  • The amount you borrow
  • The interest rate
  • The length of your mortgage term

The higher the interest rate or the shorter the term, the higher your repayments will be.

Try different scenarios with our mortgage repayment calculator to quickly get an estimate of your monthly costs and see what'll work best for your budget.

What's the difference between repayment and interest only mortgage?

A repayment mortgage means you pay back both the loan and the interest every month. By the end of the term, you'll have fully paid off your mortgage assuming all payments are made.

An interest-only mortgage, on the other hand, only covers the interest each month. This makes your monthly repayments lower, but you’ll still owe the full loan amount at the end of the term. These types of mortgages are more common for buy-to-let mortgages and usually need a plan in place to repay the loan later.

What’s a Standard Mortgage rate (SMR)?

A Standard Mortgage Rate (SMR) is a type of interest rate set by your lender. It usually applies when your initial mortgage deal ends - for example, after a fixed or tracker period.

SMRs can be higher than other rates and aren't always competitive, which is why many people look to remortgage before switching onto this rate.

You can use our mortgage repayment calculator to see how your repayments might change if your deal ends and you're moved to the SMR.

What’s a Standard variable rate (SVR)?

A Standard Variable Rate (SVR) is the default interest rate your lender charges once your fixed or tracker deal ends. It's variable, meaning it can go up or down and is usually influenced by changes to the Bank of England base rate.

Because SVRs are typically higher than introductory rates, your monthly repayments could rise significantly if you’re moved to an SVR.

Our mortgage repayment calculator can show you how much more you might end up paying, and help you to consider remortgaging to a new deal to save money.

Need more help?

How does my interest rate impact my monthly repayments?

A higher interest rate means your monthly mortgage repayments will be more expensive, while a lower rate reduces the overall cost of borrowing. Even a 1% difference in rates can make a big impact over time.

How are interest rates calculated?

Interest rates are set based on a mix of factors including:

  • The Bank of England base rate
  • Inflation
  • Lender policies
  • Your credit score

Fixed-rate mortgages lock in a rate for a set time, while variable or tracker mortgages can move up or down depending on wider economic conditions.

How does my salary impact the mortgage I can get?

Lenders typically let you borrow around 4 to 4.5 times your annual salary, although this can vary.

So, if you earn £40,000 a year, you might be eligible to borrow around £160,000 to £180,000.

How can I reduce the cost of my mortgage?

To reduce your mortgage costs, you could:

  • Increase your deposit - which lowers the amount you need to borrow and may unlock cheaper rates
  • Choose a longer mortgage term - to help reduce your monthly repayments, though you pay more interest overall
  • Improve your credit score - to access lower interest rates from lenders

If your lender allows it, overpaying on your mortgage, either regularly or with one-off payments, can also reduce the total interest you pay over time.

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Page last reviewed: 1 May 2025

Reviewed by: Claire Flynn

YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties. 

Confused.com is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

Confused.com and Mojo Mortgages are part of the same group of companies.

Confused.com 2nd Floor, Greyfriars House, Greyfriars Road, Cardiff, CF10 3AL, United Kingdom. Confused.com is a trading name of Inspop.com Limited and is authorised and regulated by the Financial Conduct Authority. FRN 310635

Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH.

To contact Mojo by phone, please call 0333 123 0012.