Calculate your monthly mortgage repayments and see the total cost of your mortgage over the full term. Adjust the deposit, rate, and term to compare options.
Quick property prices
Monthly repayment
£1,500.75per month| Property Price | £300,000 |
| Deposit | £30,000 |
| Loan Amount | £270,000 |
| Loan-to-Value (LTV) | 90% |
| Total Interest Paid | £180,224 |
| Total Repayment | £450,224 |
A repayment mortgage (also called a capital and interest mortgage) is the most common type in the UK. Each monthly payment covers both the interest charged on the outstanding balance and a portion of the original loan amount. Over the full term, the entire loan is repaid.
In the early years, a larger proportion of each payment goes towards interest because the outstanding balance is at its highest. As you gradually pay down the capital, the interest portion decreases and more goes towards reducing the balance. This is why overpayments in the early years can have a dramatic impact on total interest paid.
The impact of interest rates
Even small changes in interest rates can have a significant effect on your monthly payments and total cost. On a £250,000 mortgage over 25 years, the difference between a 4% and 5% rate is approximately £150 per month, or around £45,000 over the full term. This is why it pays to shop around for the best rate and to consider fixing if you want certainty.
£150/mo
Extra cost per 1% rate rise on £250k
£45,000
Total extra interest over 25 years
10%
Typical annual overpayment allowance
Most mortgage lenders allow you to overpay by up to 10% of the outstanding balance each year without penalty. Making regular overpayments can significantly reduce the total interest you pay and shorten your mortgage term. Use our Mortgage Overpayment Calculator to see how much you could save.
Considering a buy-to-let? Our Buy-to-Let Mortgage Calculator can help you model rental yield against mortgage costs. For savings and investments, try the Compound Interest Savings Calculator.
How to use this Calculator Site tool
Enter your property price, deposit amount, mortgage term, and interest rate above. The calculator instantly shows your monthly repayment, total amount payable, and total interest cost. Adjust the inputs to compare different scenarios, such as a larger deposit or shorter term, and see how they affect your monthly outgoings. All Calculator Site tools are free to use. Mortgage rates are influenced by the Bank of England base rate.
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