Monthly Mortgage Repayment Calculator
Use our free online calculator to calculate regular and interest only monthly mortgage repayments.
Find out what your monthly mortgage payments might be using our simple calculator
Enter the interest rate you’ve chosen, your mortgage amount, how long you’d like to repay it over and the type of mortgage you have. We’ll give you an indication of what your monthly payments could be as well as the total interest paid.
How much could my monthly mortgage repayments be?
Quickly estimate your monthly mortgage payments and total repayment cost with our calculator. Compare repayment and interest only options.
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Monthly mortgage repayment calculator
Our free monthly mortgage repayment calculator can be used by first-time buyers, homeowners, or anyone seeking mortgage information. It provides estimates based on various interest rates, terms, and repayment types. Securing other debts against your home could increase the risk of repossession if mortgage repayments are not maintained.
Interest only mortgage repayment calculator
Estimate your monthly interest-only mortgage payments using our free online tool. Whatever your buying or selling position our calculator will help you in making an informed decision. Don’t forget, we are recognised in our industry as a mortgage broker who provides exceptional advice and service to our clients. So, don’t hesitate to get in touch.
Mortgage repayment FAQs
Whether you want to know more about our mortgage calculator, or mortgage repayments in general, below we have answered some of our most common queries from customers.
How is mortgage interest calculated?
Mortgage interest is calculated as a percentage of your outstanding loan balance. This percentage is applied daily and added to your loan. Your monthly payment covers this interest plus a portion of the capital.
How do you calculate interest only mortgage payments?
Interest-only mortgage payments are calculated based on the interest accrued on the outstanding loan balance. This means you’re solely paying the cost of borrowing without reducing the capital balance. To determine your monthly interest-only payment, you’ll need to know the interest rate and the total amount borrowed. The interest rate is typically applied daily to the outstanding balance, and the accumulated interest is then divided into monthly payments. It’s important to remember that with an interest-only mortgage, you’ll need a separate repayment plan to clear the balance of the mortgage at the end of the interest-only period or the term of the mortgage.
What is the difference between a repayment mortgage and an interest-only mortgage?
Repayment mortgage: You pay off both interest and the loan amount over the mortgage term.
Interest-only mortgage: You only pay the interest each month, leaving the full loan amount to repay at the end of the term.
What factors affect mortgage interest rates?
Mortgage interest rates are influenced by the Bank of England base rate, inflation, lender’s risk assessment, and overall economic conditions.
What is a mortgage term, and how does it affect my repayments?
A mortgage term is the length of time you agree to repay your loan. A longer term means lower monthly payments, but more interest paid overall. A shorter term means higher monthly payments, but less interest paid.
Can I overpay my mortgage, and what are the benefits?
Yes, you can usually overpay your mortgage. Benefits include paying off your loan faster, reducing overall interest costs, and potentially building equity in your home more quickly. Not all lenders will allow you to overpay without an Early Repayment Charge so please check your mortgage offer to ensure you will not be penalised for making an overpayment.
What happens if I miss a mortgage payment?
Missing a mortgage payment can result in late fees, increased interest charges, and damage to your credit score. In severe cases, it could lead to repossession.
