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.

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.

How are mortgage repayments calculated?

Mortgage repayments are based on the loan amount, the interest rate, and the length of the mortgage term. With a standard repayment mortgage, your monthly payments go towards both the interest and gradually reducing the original loan amount, so the mortgage is fully paid off by the end of the term.

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.

Can I reduce my monthly mortgage payments?

Yes, possible ways include:

- Extending your mortgage term

- Switching to a lower interest rate through remortgaging

- Moving to an interest-only arrangement (subject to lender approval)

Keep in mind that reducing payments could mean paying more interest in the long run.

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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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.

Mortgage Repayment Calculator

Find out what your mortgage could cost each month.