Free UK tool · Mortgage calculator UK 2026
Work out your monthly mortgage repayments and the total cost of your loan over its lifetime. Free, private, no sign up — built for UK homebuyers and homeowners. Nothing you enter ever leaves your device.
Your data never leaves your device. Ever.How to use
The mortgage repayment calculator UK above runs the maths the moment you start typing. Here's how to get a useful number out of it.
Below the inputs you'll see your monthly payment, total amount repaid over the term, total interest paid, and a visual capital-vs-interest split. Switch to "Interest only" to compare against a buy-to-let-style structure.
Understanding your mortgage
A monthly mortgage calculator is only useful if you understand what each line means. Here's the plain-English version.
The standard UK option. Each monthly payment covers all the interest accrued that month plus a chunk of capital, so over time the balance shrinks and the home becomes yours. Early payments are mostly interest; late payments are mostly capital. The capital-vs-interest split bar above shows the lifetime ratio.
Your monthly payment covers only the interest. The capital balance never reduces, and must be repaid in full at the end of the term — usually via a separate investment, sale of the property, or by switching to a repayment mortgage. UK residential interest-only is now uncommon and lenders typically require a credible repayment vehicle. It's more common for buy-to-let mortgages, where the rent covers the interest and the capital is repaid by selling the property later.
Halving your monthly payment by extending the term sounds great until you see the total interest. On a £250,000 mortgage at 5%, the difference between 25 and 30 years is around £44,000 in extra interest. The longer you take to repay, the more compound interest the lender collects. A common UK strategy: take a 30-year term for affordability headroom, then overpay when you can to clear it sooner.
Most UK fixed-rate mortgages let you overpay up to 10% of the outstanding balance each year without an Early Repayment Charge. Overpayments come straight off the capital — so they reduce both your remaining balance and all the interest you'd have paid on it for the rest of the term. An extra £100 a month on a £200,000 mortgage at 5% over 25 years can save roughly £30,000 in interest and clear the mortgage 4–5 years early. Always check your lender's overpayment limits before transferring large amounts.
LTV is the size of your mortgage as a percentage of the property's value. £200,000 borrowed against a £250,000 home is 80% LTV. Lenders price by LTV band — typically 95%, 90%, 85%, 80%, 75%, and 60% — with a step down in rate at each threshold. A 60% LTV mortgage can be 1–2 percentage points cheaper than a 95% LTV deal on the same property. The calculator above shows your LTV automatically when you enter price and deposit.
UK specifics
UK mortgage rates have moved substantially with the Bank of England base rate cycle. Use this calculator with the rate quoted on your specific offer rather than an "average" — the spread between the cheapest and most expensive deal at the same LTV can be over a percentage point. Best-buy tables on Moneyfacts, Compare the Market, or directly through a broker are the fastest way to find a current rate. The calculator assumes a single rate runs for the entire term; in practice you'd typically fix for 2–10 years then remortgage.
A fixed-rate mortgage locks your rate for 2, 3, 5, or 10 years — your monthly payment is predictable, and after the fix ends you typically move onto the lender's Standard Variable Rate (SVR) unless you remortgage. A tracker moves with the Bank of England base rate plus a fixed margin. Discount mortgages sit a fixed amount below the lender's SVR. SVR itself moves at the lender's discretion. Trackers tend to be cheaper when rates are falling; fixed deals are popular when rates are expected to rise. To compare scenarios, run this calculator once at your initial fixed rate and again at a likely future rate.
UK lenders offer materially cheaper rates at lower LTVs because the loan is safer to them. The big step-downs are typically at 90%, 85%, 80%, 75%, and 60%. Putting down an extra few thousand to slip from 91% LTV to 89% LTV can save more in interest over the term than the deposit increase costs. Once you own the home, equity built through repayments and price appreciation lets you remortgage into cheaper LTV bands at each renewal.
Stamp duty is a tax on the property purchase price — separate from the mortgage. As of 2025/26, you pay 0% on the first £125,000, 2% on £125,001–£250,000, 5% on £250,001–£925,000, 10% on £925,001–£1.5M, and 12% above £1.5M. First-time buyers get relief on properties up to £500,000. SDLT is paid in cash within 14 days of completion — it doesn't get added to the mortgage. Budget for it separately on top of your deposit.
Most fixed-rate UK mortgages charge an ERC if you overpay more than the annual allowance (typically 10% of balance) or fully repay during the fix period. ERCs are usually 1–5% of the amount overpaid, often tiered down each year of the fix. Check your offer document for the exact figure. Tracker and SVR mortgages often have no ERCs — useful if you expect to remortgage or move soon.
This is a pure repayment calculator. It doesn't include arrangement/booking fees (often £999–£1,999 added to the loan or paid up front), valuation fees, legal fees, mortgage broker fees, or building/contents insurance. For a full all-in cost of borrowing, add those one-offs to the total interest figure. The calculator also assumes a single rate for the whole term — for a more realistic projection on a fixed-rate product, run it once at your fixed rate, then re-run once after the fix to see what a remortgage at a different rate would look like.
FAQ
The questions people most often type into Google about UK mortgage repayments.
It depends on the loan amount, interest rate, and term. As a rough guide, on a £200,000 repayment mortgage at 5% over 25 years, you'd pay roughly £1,170 a month. At 4% the figure drops to about £1,055; at 6% it rises to £1,290.
Use the calculator above to see your exact monthly payment for any combination of price, deposit, rate, and term.
A repayment mortgage calculator uses the standard amortisation formula: M = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Each payment covers all the interest accrued that month plus a chunk of capital — early payments are mostly interest, late payments mostly capital. The calculator above also models interest-only loans where you pay only the interest each month and the capital is settled at the end.
A 30-year term lowers your monthly payment but materially increases the total interest you'll pay. On a £250,000 mortgage at 5%, 25 years costs ~£439,000 in total; 30 years costs ~£483,000 — about £44,000 more.
The 30-year term is more affordable each month but more expensive overall. Many UK borrowers compromise by taking a 30-year term for affordability and then overpaying when they can — clearing it earlier without locking themselves into a higher monthly minimum.
Total interest depends primarily on the term and the rate. For a £200,000 repayment mortgage at 5%: 25 years ≈ £150,800 in interest; 30 years ≈ £186,500; 20 years ≈ £116,800.
The calculator above shows total interest paid for your specific scenario, alongside the capital-vs-interest split for the full life of the loan.
Most UK fixed-rate mortgages allow you to overpay up to 10% of the outstanding balance each year without an Early Repayment Charge. Overpayments come straight off the capital, so they reduce both your remaining balance and the interest you'll accrue going forward.
An extra £100 a month on a £200,000 mortgage at 5% over 25 years can save roughly £30,000 in interest and clear the mortgage 4–5 years early. Always check your lender's overpayment limits before transferring large amounts.
A fixed-rate mortgage locks your interest rate for a set period (usually 2, 3, 5, or 10 years), so your monthly payment is predictable. After the fix ends, you typically move onto the lender's Standard Variable Rate unless you remortgage.
A variable-rate mortgage (tracker, discount, or SVR) moves with the Bank of England base rate or the lender's discretion, so payments can rise and fall. Trackers are usually cheaper when base rates are low; fixed-rate deals are popular when rates are expected to rise.
LTV is the size of your mortgage as a percentage of the property's value. A £200,000 mortgage on a £250,000 home is 80% LTV.
Lenders charge lower rates at lower LTVs because the loan is safer for them — there's typically a step-down at 90%, 85%, 80%, 75%, and 60%. A 95% LTV mortgage might be 1–2 percentage points more expensive than a 60% LTV deal on the same property.
On an interest-only mortgage, your monthly payments cover only the interest charged that month — the capital balance never reduces and must be repaid in full at the end of the term, usually from a separate investment, sale of the property, or a switch to a repayment mortgage.
UK residential interest-only is now uncommon and typically requires a credible repayment vehicle. It's more common for buy-to-let mortgages, where the rent covers interest and the capital is repaid by selling the property later. The calculator above lets you compare monthly cost between repayment and interest-only for the same loan.
The full picture
Vault is the home for everything this calculator hints at — your property value, mortgage balance, equity, and how it all fits into your full net worth. Same principles: free, private, local only. Nothing you enter ever leaves your device.
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