Mortgage Calculator
Estimate monthly mortgage repayments and total interest.
Estimate
How mortgage repayments are calculated
Your monthly repayment depends mainly on the amount borrowed, the interest rate and the length of the mortgage term. A longer term can reduce the monthly payment, but usually increases the total interest paid over the life of the mortgage.
Example: On a repayment mortgage, each monthly payment covers interest and also reduces the outstanding balance. As the balance falls, the interest charged on future payments also falls.
This calculator provides an estimate only. Actual mortgage costs can differ because of lender fees, product structure, rate changes, overpayments, insurance and other charges.
How to use the Mortgage Calculator
Enter the amount you plan to borrow, the annual interest rate and the mortgage term. UsefulFox estimates the monthly capital-and-interest repayment, total repaid and total interest over the term.
Mortgage repayment example
A £200,000 repayment mortgage over 25 years at 5% has an estimated monthly payment of about £1,169. Rates and lender charges can change the real cost, so use this as a planning estimate.
What can a mortgage calculator be used for?
Compare different loan sizes, rates and terms before viewing mortgage products. It can also show how a longer term may lower monthly payments while increasing the total interest paid.
Frequently asked questions
1Is this a mortgage quote?
No. It is an illustrative repayment estimate and does not include lender fees, insurance, taxes or product-specific charges.
2What happens if the interest rate rises?
A higher rate increases the estimated monthly payment and total interest when the other inputs stay the same.
3Does a longer mortgage term cost more?
It can reduce the monthly repayment, but interest is charged for longer, so the total interest can be higher.
4Does this include a deposit?
Enter the amount you actually expect to borrow after your deposit rather than the full property price.