UK Mortgage Calculator

Estimate your monthly payments and see how much your mortgage will cost.

Property Price £350,000

Deposit Amount (£)

Deposit (%)

Mortgage Term (Years)

Interest Rate (%)

Mortgage Type

Repayment

Interest Only

Monthly Payment

£1,556

Loan Amount

£280,000

LTV Ratio

80%

Total Interest

£186,800

Total Repayment

£466,800

What is a Mortgage?

A mortgage is a loan taken out to buy property or land. Most run for about 25 years, but the term can be shorter or longer. The loan is 'secured' against the value of your home until it's paid off. If you can't keep up your repayments, the lender can repossess (take back) your home and sell it to get their money back.

How Much Deposit Do You Need?

The more deposit you have, the lower your interest rate will usually be. Higher LTV (Loan-to-Value) mortgages are riskier for lenders.

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Repayment vs Interest-Only

Repayment Mortgage

You pay off the interest and a bit of the loan each month. At the end of the term, you own the property outright.

Interest-Only

You only pay the interest on the loan. The amount you borrowed stays the same and must be paid back in full at the end of the term.

Assumptions used

The repayment estimate assumes a standard repayment mortgage with a fixed interest rate over the chosen term.

Real products can change rate after an introductory period, which will change the monthly payment.

Fees, insurance, broker charges, early repayment charges and lender-specific affordability rules are not included in the core monthly figure.

The result is best used as an initial planning estimate rather than a lending decision.

Frequently asked questions

Why does a bigger deposit help?

A larger deposit reduces the loan amount and usually improves the loan-to-value ratio, which can unlock lower mortgage rates from lenders.

Does this include fees?

No. Arrangement fees, valuation costs, legal fees and moving costs should be budgeted separately from the repayment estimate shown here.

Why is total interest so high over long terms?

Because interest accrues over many years. Even a manageable monthly payment can produce a large lifetime interest cost if the term is long.

Can I rely on this before applying?

Use it for planning, but always compare it with a lender illustration or mortgage adviser because actual product pricing and affordability checks vary by lender.