Mortgage Repayment Calculator
See an instant illustration of what your monthly mortgage payments could look like. Adjust the price, deposit, interest rate and term to explore your options, then book a free chat and we will search the whole market to find you a real deal.
Estimated monthly payment
How mortgage repayments are calculated
On a repayment mortgage, each monthly payment covers both the interest for that month and a slice of the amount you borrowed, so by the end of the term the balance is cleared. Early on, more of your payment goes towards interest; over time, more goes towards the balance. On an interest-only mortgage, your monthly payment covers just the interest, and the full amount borrowed is still owed at the end of the term, so you need a separate plan to repay it.
Three things drive your monthly figure: how much you borrow (the property price minus your deposit), the interest rate, and the length of the term. A larger deposit or a shorter term usually means less interest overall, while a longer term lowers the monthly payment but costs more in interest across the life of the loan.
What affects the rate you are offered
The headline rate in this calculator is just an example. The actual rate a lender offers depends on your deposit size, credit history, income, the type of property and the current market. As a whole-of-market broker we compare a wide range of lenders to find a competitive deal for your circumstances, rather than being tied to one bank.
Thinking about buying your first home, moving, or coming to the end of a fixed rate? Explore our first-time buyer and remortgage advice, or get in touch for a free, no-obligation chat.
Ready to turn this estimate into a real quote?
Book a free chat and we will look at your full situation and search the market for a deal that fits. Phone, video or face to face, including evenings and weekends.