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

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.

In the early years of most mortgages, you’ll pay more interest than capital. Over time, this flips — more of your payment goes toward clearing your balance.

💡 Interest-only mortgages work differently: you only repay the interest each month. The capital must be repaid later (usually via sale or savings).

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

A repayment mortgage clears both interest and capital over time. An interest-only mortgage keeps your monthly payments lower but requires a plan to repay the capital later.

What happens if interest rates go up? ⌄

If you're on a variable or tracker mortgage, your monthly repayments will usually increase immediately 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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Simple explanations of the terminology you'll come across.

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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.