Mortgage repayment calculator

How much will you be repaying each month?

Our mortgage repayment calculator provides an indication of how much your monthly payments could be based on your mortgage type, rate of interest, term length and the amount you’re borrowing.

Calculate your monthly mortgage payments

Frequently asked questions

  • What is a capital repayment mortgage?

    With a capital repayment mortgage, you’ll make monthly repayments for an agreed period of time (also known as the ‘term’) until you’ve paid back the initial sum you borrowed. These monthly repayments also cover the interest charged on the loan.

    This means that the amount you owe will decrease every month. And, as long as you keep up the repayments, your mortgage will be fully paid off at the end of the term. Having a fully paid off mortgage means you’ll own the property unencumbered.

  • What is an interest-only mortgage?

    With an interest-only mortgage, your monthly payments only cover the interest charged on your loan. This means that your payments will be less than on a repayment mortgage. But at the end of the term, you’ll still owe the original amount you borrowed from the lender.

    To fully own your property by the end of the mortgage term, you will need to repay the whole balance. You will need to ensure that you have a plan to repay the loan at the end of the term, when the balance is due.

  • How can I reduce my monthly mortgage payments?

    If you’re looking to lower your monthly repayments, one option to consider is extending the term of your mortgage. This means you’ll pay less each month, but over a longer period of time. However, you'll likely pay more overall by doing this.

    Another way to reduce your mortgage payments is to switch to a better deal. Remortgaging may allow you to reduce the size of your loan and potentially secure a better interest rate.

    You can remortgage at any time. However, if you’re on a fixed-rate mortgage, you may be faced with an early repayment charge if you choose to remortgage before your fixed-rate period ends.

    If this is the case, it may still be cost-effective to pay an early repayment charge to secure a lower rate sooner, but this will depend on your individual circumstances.

  • Can I overpay my mortgage?

    It will depend on the exact terms of your mortgage, but generally most providers do allow some form of overpayment. You can usually overpay by either paying a lump sum or increasing your regular monthly payments, subject to terms and conditions. Making overpayments can reduce the amount of interest you pay over the lifetime of your loan.

What's next?

Check how much you could borrow

Wondering how much you can afford to borrow for your home? Our mortgage affordability calculator will give you an indication of how much you can borrow based on your annual income, whether you’re applying alone or as part of a joint application.

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