Mortgage Repayment Calculator
Calculate monthly mortgage payments and see overpayment savings
1
Your mortgage loan amount
This is the amount you're borrowing from the lender, not the property value. If you're buying a £250,000 home with a £50,000 deposit, your mortgage amount is £200,000. For remortgaging, enter your outstanding balance (shown on your annual statement).
£
2
Your annual mortgage interest rate
Your interest rate is on your mortgage offer or annual statement. Fixed rates are locked for 2, 3, 5, or 10 years. After this, you'll move to the lender's Standard Variable Rate (SVR), which is usually 2-3% higher. As of December 2024, typical rates are 4.5-6% depending on your deposit size and credit score.
%
3
How long will you take to repay?
Standard terms are 25 or 30 years. Shorter terms (15-20 years) mean higher monthly payments but save significantly on interest. Longer terms (30-35 years) reduce monthly costs but increase total interest paid. First-time buyers often choose 30-35 years for affordability.
4
Extra amount you can afford to pay each month
Most lenders allow you to overpay 10% of the outstanding balance per year without penalties. For a £200,000 mortgage, that's £20,000/year or £1,667/month. Even small overpayments make a big difference - £100/month can save tens of thousands in interest and clear your mortgage years earlier.
£