Your Results
Enter your mortgage details to calculate your monthly payment, total interest, and total amount paid over the life of your loan.
This calculator uses the standard mortgage payment formula to provide accurate estimates. Remember that actual mortgage payments may vary based on additional fees, insurance, and other factors specific to your lender.
For the most accurate results, use the interest rate from your mortgage offer or speak to your lender about current rates available to you.
How to Use the Mortgage Calculator
1. Enter Your Loan Amount
Input the total amount you wish to borrow for your mortgage. This is the principal amount of your loan.
2. Select or Enter Interest Rate
Choose a common UK mortgage interest rate from the dropdown menu, or enter a custom rate that matches your mortgage offer.
3. Enter Loan Term
Specify the number of years you'll take to repay the mortgage. Common terms are 25 or 30 years, but you can enter any term between 1 and 50 years.
4. Calculate
Click the "Calculate Payment" button to see your monthly payment, total amount paid over the loan term, and total interest.
Frequently Asked Questions
How accurate is this mortgage calculator?
This calculator uses the standard mortgage payment formula and provides accurate estimates based on the information you provide. However, actual mortgage payments may vary based on additional fees, insurance, and other factors specific to your lender.
What interest rates should I use?
Use the interest rate from your mortgage offer or current market rates. The dropdown includes common UK mortgage rates ranging from 2.5% to 7.0%, or you can enter a custom rate.
Does this include other costs like insurance or taxes?
No, this calculator shows only your principal and interest payments. It does not include property taxes, home insurance, PMI (Private Mortgage Insurance), or other fees that may be part of your total monthly payment.
Can I calculate different mortgage scenarios?
Yes! Simply change the loan amount, interest rate, or loan term and click "Calculate Payment" again to see how different scenarios affect your monthly payments and total interest.