Understanding what a mortgage could cost each month can help you plan your budget before buying a property or changing your existing mortgage. Our Mortgage Repayment Calculator provides an estimate based on the amount you want to borrow, the interest rate, mortgage term and repayment method you select. You can adjust the figures to compare different scenarios and see how changes may affect your monthly payment.
Mortgage amount validation
Please note: Results generated by this calculator are estimates only. They do not constitute mortgage advice, a recommendation, a formal quotation or a mortgage offer.
A mortgage repayment calculator can help you understand the possible monthly cost of borrowing before applying for a mortgage.
Estimate your monthly mortgage payment.
Compare different mortgage amounts.
See how interest-rate changes may affect repayments.
Explore shorter and longer mortgage terms.
Compare repayment and interest-only payments.
Support your monthly budgeting.
The calculator does not assess your affordability, confirm how much you can borrow or guarantee mortgage approval.
Enter the following information to receive an estimated monthly mortgage payment.
Enter the amount you expect to borrow rather than the full property value.
For example, if you are purchasing a £300,000 property with a £60,000 deposit, the required mortgage would be £240,000.
If you are remortgaging, enter the amount you expect to borrow under the new mortgage.
A higher interest rate normally increases both the monthly payment and the total interest charged.
Borrowing more will generally increase your monthly repayments and total borrowing cost.
A longer term can reduce the monthly payment but usually increases the total interest paid.
An interest-only mortgage normally has lower monthly payments than a repayment mortgage, but it does not reduce the original balance.
If a product or arrangement fee is added to the mortgage, your balance and monthly repayment may increase. Interest may also be charged on the fee.
The term can significantly affect both the monthly payment and the total mortgage cost.
Using a £200,000 repayment mortgage at an assumed interest rate of 4.50%:
A longer term reduces the estimated monthly payment, but interest is charged for longer. This will normally increase the total amount paid overall. The term available may depend on your age, circumstances, expected retirement date and the lender's criteria.
The following example is for illustration only.
This example assumes that the interest rate remains at 4.50% throughout the full mortgage term and that every required payment is made.
In practice, mortgage rates and repayments may change when an initial mortgage deal ends or if the rate is variable.
A repayment mortgage is designed to repay both the capital and interest over the agreed term.
Provided all required payments are made, the mortgage should be repaid in full by the end of the term.
With an interest-only mortgage, the monthly payment generally covers only the interest charged.
You will need a credible repayment strategy to repay the capital. Relying on the future sale of a property or the performance of an investment involves risk because values can fall as well as rise.
The calculator estimates mortgage repayments but may not include other costs associated with buying a property or arranging a mortgage.
You may also need to budget for:
Considering these expenses alongside your estimated repayment can provide a more complete view of the potential cost.
The calculator uses the information entered to produce an estimate. Your actual mortgage payment may differ because of:
Your lender will confirm the actual payments in the mortgage illustration and formal mortgage offer.
The mortgage with the lowest monthly payment is not necessarily the most suitable or lowest-cost option.
When comparing mortgage products, consider:
Extending the mortgage term can reduce the monthly payment, but it may significantly increase the amount of interest paid overall.
Yes. You can use the calculator without charge or obligation.
A Mortgage Repayment Calculator is a useful starting point, but choosing a mortgage involves more than finding the lowest monthly payment. Interest rates, fees, mortgage terms, product features and the overall cost of borrowing should all be considered alongside your circumstances and future plans. Pure Capital can help you compare mortgage products, understand the potential costs and explore the options that may be available to you.
