Monthly Mortgage Repayment Calculator

Find out what your mortgage could cost each month.

Use this simple calculator to get an instant estimate of your monthly mortgage payments. Perfect for planning your budget before you buy or remortgage.

How to use the Mortgage Repayment Calculator

Enter the mortgage amount you’re borrowing.
Choose your interest rate.
Select your mortgage term (e.g. 25 years).
Hit “calculate” and see your estimated monthly repayment.

💡 Try adjusting the term and rate to see how your monthly payments change, this helps you plan and budget realistically.

Mortgage Repayment Calculator

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

Results

Monthly Repayment

How this calculator works

This mortgage repayment calculator is designed to give you a helpful estimate of what your monthly repayments might look like based on the loan amount, interest rate, term, and repayment type you enter. It calculates the total interest you’ll pay over the life of the mortgage and how much of your monthly payment goes towards interest versus capital.

Please note, the results are indicative and based on standard assumptions. They don’t account for future interest rate changes, lender fees, or changes in your circumstances. For tailored advice specific to your situation, we recommend speaking with a qualified mortgage adviser. You can book a free intro call here.

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 in the long run.

2. Remortgage/ Rate Switch to a Better Rate

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

3. Make Overpayments

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

How are mortgage repayments calculated?

Mortgage repayments are made up of two parts:

Capital: The amount you borrow from the lender.

Interest: The cost of borrowing, charged as a % of your outstanding loan.

Every monthly repayment chips away at both. In the early years, you’ll pay more interest than capital, but over time this flips.

💡 Interest-only mortgages are different: you only pay the interest each month, and the capital has to be repaid at the end (usually by selling the property or using savings/investments).

What’s the difference between repayment and interest-only mortgages?

A repayment mortgage means you pay off part of the loan and the interest each month — by the end of the term, the mortgage is cleared.

An interest-only mortgage means you only pay the interest monthly. The original loan amount must be repaid at the end of the term, often via savings, investments or the sale of a property.

What happens if interest rates go up?

If you're on a variable or tracker mortgage, your monthly repayments will usually increase if the Bank of England raises the base rate. With a fixed-rate mortgage, your payments will stay the same until the fixed period ends.

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Plan Ahead With Confidence

Understanding your mortgage repayments is a key step in planning your budget as a homeowner. Whether you’re buying your first home, moving up the ladder, or looking at a remortgage, knowing your monthly costs puts you in control.

Our team at Need Financial Planning in Broadstairs is here to help you make sense of your options and find the right mortgage deal for your situation. Book your Intro Call below for friendly, down-to-earth guidance.

Book your 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.