1. Home
  2. Mortgages
  3. Mortgage repayment calculator

Mortgage repayment calculator

Calculate your mortgage repayments with our calculator


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:

£0

Find out about mortgages

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

How do I calculate mortgage repayments?

You can figure out your mortgage repayments in seconds using our tool. All you need are three things to get started: your total loan amount, interest rate, and mortgage term in years. 

All you need to do is input your info - and we’ll do the heavy lifting to calculate your result. 

Our tool is free to use and won’t affect your credit score. But, it’s worth keeping in mind that it’s designed for repayment mortgages. If you have a standard mortgage where you pay back a portion of what you borrowed plus interest each month, you’re good to go. 

But, if you have a non-standard mortgage that works a different way, your result might not be as accurate. 

What factors affect your repayment mortgage?

How much your repayment mortgage costs you per month depends on a range of factors. Typically, though, it’s your interest rate, deposit, and term length that have the biggest impact. Let’s dive a little deeper: 

  • Interest rates: If you have a fixed-rate mortgage, the amount of interest you pay each month won't change until your fixed term ends. But, if you have a variable-rate loan, you could pay more or less depending on your lender’s current rates.
  • Deposit: The bigger deposit you put down, the better interest rates lenders tend to give you. So, while it’s not a hard-and-fast rule, paying a higher deposit up front usually means smaller monthly mortgage repayments.
  • Term Length: Choosing a longer term on your mortgage can help keep monthly costs low. But, the trade-off is that it’ll take longer to pay back the money you borrowed, meaning you’ll end up paying more interest in the long run. 

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 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.

You might also be interested in

Mortgages icon

Mortgages

Are a type of loan used to buy a property. The mortgage is secured against the value of the property. Answer 9 simple questions to see your mortgage options.

Remortgage icon

Remortgages

Are suited to those who already own a property. Compare deals without harming your credit score.

First time buyers mortgages icon

First time buyer mortgages

Are designed to help give you that first step on the housing ladder. Answer 6 simple questions to see your mortgage options.

More articles

Should I rent or buy?

The first step to getting a house is making the decision about whether it's better to rent or buy.

House viewing checklist

Here's some tips to bear in mind when you view property.

What is exchange of contracts?

The final hurdle before the house is officially yours – swap contracts and insure the building.

Getting a mortgage with a gifted deposit

Buying a house is an expensive process. Gifted deposits can help.

Guarantor mortgages

We look at guarantor mortgages and how they could help you get on the property ladder.

Mortgages: early repayment charges explained

Paying off your mortgage early seems like a good idea, but you could be charged. Here's what you need to know.

Explore more mortgage guides

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.