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Calculate Repayments
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Your monthly mortgage repayment is determined by three key factors: the amount you borrow (your property price minus deposit), the interest rate your lender charges, and the length of your mortgage term. This calculator uses the standard repayment mortgage formula used by UK lenders to give you an accurate estimate of what you'll pay each month.
Loan-to-value is the ratio between your mortgage amount and the property's value, expressed as a percentage. A lower LTV typically means better interest rates from lenders. Most UK lenders require at least a 5% deposit, but putting down 10–15% or more can unlock significantly better deals. Use the deposit slider above to see how changing your deposit affects your monthly payments.
A fixed-rate mortgage locks your interest rate for a set period (typically 2 or 5 years), giving you certainty over your monthly payments. A variable rate mortgage can change with the Bank of England base rate, meaning your payments could go up or down. This calculator shows your payments at whatever rate you enter — try adjusting the rate to see how a 1% increase would affect your budget.
Overpaying your mortgage — even by a small amount each month — can save you thousands in interest over the term. Most UK lenders allow overpayments of up to 10% per year without penalties. You can also reduce costs by choosing a shorter term (though this increases monthly payments), saving a larger deposit, or remortgaging when your fixed deal ends rather than rolling onto the lender's standard variable rate.