Mortgage Calculator
Plan Your Property ⚡
Calculate your monthly mortgage repayments, total interest, and total cost. Enter your property price, deposit, interest rate, and mortgage term.
Calculate your monthly mortgage repayments, total interest, and total cost. Enter your property price, deposit, interest rate, and mortgage term.
This calculator works out your monthly repayment amount on a standard repayment mortgage, where each payment reduces both the interest and the outstanding balance. It also shows your loan-to-value (LTV) ratio — lenders use this to determine the interest rates available to you. A lower LTV typically means access to better rates. The calculator does not include additional costs such as stamp duty, solicitor fees, or buildings insurance.
LTV is the mortgage amount expressed as a percentage of the property value. A £270,000 mortgage on a £300,000 property is 90% LTV. Lenders typically offer the best rates at 60% LTV or below, with rates rising as LTV increases. Most lenders require a minimum 5% deposit (95% LTV), though rates at this level are significantly higher.
What is the difference between a repayment and interest-only mortgage?
A repayment mortgage gradually pays off both the loan and the interest, so the balance reduces to zero by the end of the term. An interest-only mortgage means you only pay the interest each month — the original loan amount remains and must be repaid separately at the end of the term.
Should I get a fixed or variable rate mortgage?
A fixed rate gives certainty — your payments stay the same regardless of Bank of England rate changes. A variable or tracker rate moves with the base rate, meaning payments can go up or down. Fixed rates suit those who want budget certainty; variable rates can be lower but carry more risk.
How much deposit do I need?
Most lenders require a minimum of 5% deposit, but rates improve significantly at 10%, 15%, and 25% deposits. A larger deposit means a lower LTV, lower monthly payments, and less interest paid overall.
What other costs should I budget for when buying a home?
Beyond the mortgage, budget for stamp duty land tax (SDLT), solicitor/conveyancer fees (typically £1,000–£2,500), survey costs, mortgage arrangement fees, and buildings insurance. First-time buyers are exempt from stamp duty on properties up to £425,000.