Mortgage repayment calculator
Enter the property price, your deposit and the rate you have been offered. You will get the monthly payment, the total interest over the term and a month-by-month schedule you can scroll through.
Your mortgage
Your result
Monthly payment
£1,334.03
Based on borrowing £240,000 over 25 years.
Interest-only payments do not reduce the amount borrowed. At the end of the term you would still owe the full loan, and you need a separate plan to repay it.
Show the repayment schedule
| Month | Payment | Interest | Capital | Balance |
|---|
What you still owe, year by year
The balance falls slowly at first, because early payments are mostly interest.
How this is worked out
A repayment mortgage uses the standard annuity formula. Each month you pay the same amount, but the split changes: early on most of it is interest, and by the end most of it is capital. That is why overpaying in the first few years saves so much more than overpaying near the end.
monthlyRate = annualRate ÷ 100 ÷ 12
payments = years × 12
payment = loan × monthlyRate × (1 + monthlyRate)^payments
÷ ((1 + monthlyRate)^payments − 1)
If the rate is zero, the formula above breaks down, so the calculator simply divides the loan by the number of payments instead.
A worked example
On a £300,000 property with a £60,000 deposit, you borrow £240,000. At 4.5% over 25 years, the monthly rate is 0.00375 and there are 300 payments. That gives a monthly payment of about £1,334, and roughly £160,000 of interest across the full term.
What this assumes
- The interest rate stays the same for the whole term. In practice most UK mortgages have a fixed period of two to five years, after which the rate changes.
- Interest is charged monthly. Some lenders calculate daily, which gives slightly different figures.
- Payments are made on time and in full, with no payment holidays.
- No product fees, valuation fees, insurance or early repayment charges are included.
- Overpayments are unlimited. Most fixed-rate deals cap them at 10% of the balance a year, and charge a fee above that.
Where this stops being reliable
This is a planning tool, not a quote. A lender will assess your income, spending, credit history and the property itself, and may offer a different rate or decline to lend. Treat the figures as an estimate and confirm anything important with the lender or a qualified mortgage adviser.