UK Mortgage Calculator
Calculate your monthly mortgage payments, total interest costs, and see how overpayments could save you money. Perfect for first-time buyers and home movers.
Frequently Asked Questions
How the Mortgage Calculator Works
Our mortgage calculator helps you understand exactly what your monthly payments will be and how much interest you'll pay over the life of your mortgage. Simply enter your property price, deposit, interest rate, and term to get instant results. The calculator uses the standard amortisation formula used by UK lenders to give you accurate estimates for both repayment and interest-only mortgages.
Understanding Your Results
- •Monthly Payment: The amount you'll pay each month, including both principal and interest
- •LTV (Loan to Value): The percentage of the property's value you're borrowing. Lower LTV often means better rates
- •Total Interest: The total amount of interest you'll pay over the full mortgage term
Repayment Types
- •Repayment: Pays off both interest and loan amount each month. You'll own your home outright at the end
- •Interest-Only: Only pays the interest each month. You need a separate plan to repay the loan
The Power of Overpayments
Making regular overpayments can significantly reduce your mortgage term and save thousands in interest. Use our overpayment calculator to see exactly how much you could save. Most lenders allow overpayments of up to 10% per year without early repayment charges.
Step-by-Step: How to Use This Calculator
- Enter your property price — the full purchase price of the home you are considering.
- Set your deposit — the amount you have saved. The calculator will automatically show your LTV ratio.
- Choose your interest rate — use the rate from a mortgage deal you are considering, or an average rate for your LTV bracket.
- Select your mortgage term — typically 25 or 30 years. A shorter term means higher payments but less interest overall.
- Pick repayment or interest-only — repayment is recommended for most buyers.
- Add overpayments (optional) — see how extra monthly payments could save you money and shorten your term.
Tips for Getting the Best Mortgage Deal
- Improve your credit score before applying — pay bills on time, reduce existing debt, and avoid new credit applications in the months leading up to your mortgage application.
- Compare across lenders — rates, fees, and terms vary widely. A mortgage broker can search the whole market for you.
- Consider the total cost — a slightly higher rate with no arrangement fee can sometimes be cheaper overall than a low rate with a £2,000 fee.
- Think about portability - if you might move during your mortgage deal, check whether it is portable to a new property.
- Budget for rate changes - when your fixed deal ends, you will move to your lender's standard variable rate unless you remortgage. Plan ahead to avoid paying more than necessary.
Current UK Mortgage Market (2026)
As of early 2026, fixed mortgage rates have settled following the sharp rises of 2022-2023. Typical two-year fixed rates are between 4.2% and 5.2%, while five-year fixes range from 4.0% to 5.0% depending on your LTV and credit profile. The Bank of England base rate has begun to stabilise, and many economists expect gradual cuts through 2026, which could benefit those on tracker or variable rate mortgages.
When to Seek Professional Advice
A mortgage is likely the largest financial commitment you will make. While our calculator gives you a clear estimate of costs, a qualified mortgage broker can search across the whole market, access exclusive deals, and recommend the best product for your specific situation. This is especially valuable if you are self-employed, have a complex income, or need a specialist product such as a shared ownership or new-build mortgage.
Disclaimer
This calculator provides estimates for illustrative purposes only. Actual mortgage terms, rates, and affordability assessments will vary between lenders. Always seek professional advice and compare multiple mortgage offers before making a decision.