Tools & Calculators

Mortgage Repayment Calculator

Estimate your monthly mortgage costs quickly and clearly. Whether you're planning your first home, comparing deals, or reviewing your budget, this calculator gives you a clear breakdown of the true long-term cost.

Mortgage Calculator

Mortgage Amount (£) Interest Rate (%) Term (years) Repayment Type

Your Repayment Summary

Fill in the details above to begin.

How this calculator works

This tool estimates your monthly mortgage payments and provides a simple breakdown of interest versus capital over the full term.

Works for repayment & interest-only mortgages
Shows the true long-term cost
Updates instantly with your inputs

Ways to Reduce Your Mortgage Repayments

1. Extend Your Mortgage Term

Stretching your loan over more years lowers monthly payments, though you’ll pay more interest overall.

2. Remortgage / Rate Switch to a Better Rate

When your current deal ends, switching to a new fixed or tracker rate can reduce your monthly costs significantly.

3. Make Overpayments

If your budget allows, paying a bit extra each month reduces your balance faster and cuts total interest.

Mortgage Repayment FAQs

Repayments are based on your loan amount, interest rate and mortgage term. Each payment is made up of capital (reducing what you owe) and interest (the cost of borrowing). In the early years, a larger portion goes towards interest.

Interest is calculated on your outstanding balance. At the beginning, the balance is highest — so more of your payment goes towards interest. Over time, this shifts and more goes towards reducing the loan.

Your payment depends on:

• Loan size
• Interest rate
• Mortgage term
• Repayment vs interest-only structure

Even small changes to interest rate or term can significantly change your monthly payment.

No — this calculator estimates your mortgage repayment only. It does not include buildings insurance, life cover, utilities, council tax or maintenance costs. Those should be factored into your overall monthly budget.

Calculators provide a useful estimate, but they don’t replace a lender’s affordability assessment. Lenders will also consider income, outgoings, credit history and stress testing. For a realistic figure, it’s worth getting a Mortgage in Principle.

If you’re on a variable or tracker mortgage, payments usually increase when rates rise. If you’re on a fixed rate, your payment stays the same until the fixed period ends.

First-time buyers

Your complete first-time buyer guide — all in one place

Deposit planning, documents, affordability, negotiating, conveyancing, moving day… it’s a lot. This workbook pulls it together in plain English, so you can feel prepared (and a bit less overwhelmed).

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Jargon Buster

Understand mortgage terms.

Simple explanations of the terminology you'll come across.

Updated regularly.

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Need help deciding your next step?

Book a free intro call and we’ll guide you through your mortgage options.

Book Intro Call

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IMPORTANT: With investments, your capital is at risk. Pensions and investments can go down in value as well as up, so you could get back less than you invest.

Need Financial Planning Ltd is registered in England and Wales no. 10901658. Registered office, 123 High Street, Broadstairs, Kent, CT10 1NQ. Authorised and regulated by the Financial Conduct Authority. Need Financial Planning Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 977136. If you wish to register a complaint, please write to [email protected] or telephone 01843 228800. A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567.