Calculate your monthly mortgage repayments
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Your monthly mortgage payment is calculated based on the loan amount, interest rate, and mortgage term. For a repayment mortgage, the payment includes both principal and interest. Use our calculator to enter your property value, deposit, interest rate, and term to get an accurate monthly payment.
A repayment mortgage means you pay both the interest and gradually pay off the loan balance each month. An interest-only mortgage means you only pay the interest monthly, and the full loan amount must be repaid at the end of the term. Repayment mortgages typically have higher monthly payments but lower overall cost.
The most common mortgage term in the UK is 25 years, though terms can range from 5 to 40 years. Longer terms mean lower monthly payments but more interest paid overall. Shorter terms mean higher monthly payments but less total interest.
Most UK mortgages require a minimum deposit of 5-10% of the property value, though larger deposits (15-20%) typically secure better interest rates. First-time buyers may access government schemes requiring smaller deposits. A larger deposit means you borrow less and pay less interest.
Most UK mortgages allow overpayments of up to 10% per year without penalty. Overpaying can significantly reduce the total interest and shorten your mortgage term. Check your mortgage terms for specific overpayment limits and use our mortgage overpayment calculator to see the impact.