Mortgage repayment calculator

Calculate your monthly mortgage payments.

  • Instant estimates – no credit checks or personal details needed
  • Compare capital repayment and interest-only mortgages
  • Compare deals from 100+ lenders once you're ready
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How much will my mortgage cost?

If you borrowed at an interest rate of for years, your monthly repayments would be

Based on a repayment mortgage
Interest only would be

What next?

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What is a mortgage payment calculator?

A mortgage repayment calculator is a helpful tool for working out how much a mortgage could cost you each month. Budgeting is an important part of buying a home, and the results will give you an idea of the types of property and mortgage you could afford.

There are a few other types of mortgage calculators. As part of your research, you might want to use this one alongside one or more of these tools:

How to calculate your monthly mortgage repayments

Working out how much your mortgage will be can involve tricky arithmetic. Our mortgage monthly payment calculator makes it easy. Simply tell it:

  1. How much you want to borrow – i.e., the total cost of the property minus your deposit (typically 10% but can vary – subtract this from your property's value to get what you need to borrow).
  2. Over how many years you will repay it – A standard mortgage term is 25 years. Some lenders offer up to 40 years. This reduces monthly payments but increases the total interest paid.
  3. The interest rate – check out our first time buyer mortgage deals and moving home deals pages to see what starting rates are currently available (although yours may vary based on factors like your credit score, income and outgoings).

How can our repayment mortgage calculator help you?

You can use our monthly mortgage repayment calculator to work out what mortgage (and therefore what home) you could afford. It can tell you:

  • How much your monthly repayments might be on the homes you're looking at.
  • How changes in interest rate or term length could affect your monthly payments.
  • The difference in cost between a standard capital repayment mortgage and an interest-only mortgage.

What are mortgage repayments made up of?

Repayments on standard mortgages, known as capital repayment mortgages, include a combination of:

  • Capital - the amount left to pay on what you've borrowed, divided by the mortgage term.
  • The interest you're being charged on top of it, calculated as a percentage.

With an interest-only mortgage, your monthly payments only include interest. You then repay the capital in full at the end of the mortgage term.

Our online mortgage calculator shows you estimates for both capital repayment and interest-only mortgages

When should I use a monthly mortgage calculator?

Use this tool to calculate mortgage repayments whenever and as often as you like as it's not linked to credit checks or formal applications. It makes sense to use it when you're near the start of your home-buying journey, perhaps after using our borrowing calculator to learn what value of properties you can look at.

Peter Corbett, Mortgage Advisor at Alexander Hall adds:

"Note that getting an estimate from our calculator is not the same as getting an agreement in principle from a mortgage lender. An agreement in principle requires more information about your finances and gives you a more formal document to show estate agents and sellers that you're serious. Don't worry – we can help with those too."

Why start your journey with Alexander Hall?

Use our mortgage cost calculator to take the first steps on your journey towards a new home. Our experienced mortgage advisers are ready to guide you through the rest of the process with confidence. Here's why you can trust us:

  • Impartial advice: Our independent advisers focus on your interests to find mortgage options to suit you, not the lenders.
  • Network of lenders: We compare deals from over 100 lenders, big and small, to find the best for you on the market right now.
  • Easy process: You can pop into one of our London branches, call us or go online, and then we'll do the hard work for you from application to negotiation.
  • Excellent reviews: Our high standards are a big part of why over 6,000 people give us 5 stars on the independent review site Trustpilot.
  • Award winning: We've picked up a host of awards in our 30+ years, including Best Broker for Customer Service at the 2024 Legal & General Mortgage Club awards.
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Mortgage repayment calculator FAQs

It doesn't! That means you can use our monthly mortgage payment calculator as much as you need to without impacting your credit score.

You don't even need to enter any personal information such as your name or contact details. All it asks for is a property value, mortgage term and interest rate.

Keep in mind that formal mortgage applications do involve credit checks and these show up on your credit report. Making lots of applications in a short space of time could make you look desperate, which may hurt your credit score and put lenders off.

Our monthly mortgage calculator can only give you estimates based on the data you put in. This makes it a helpful tool for planning but means you can't rely on the results as fact. How your mortgage is actually calculated by a lender will depend on factors such as:

  • Your mortgage lender's rates
  • Your credit score and history
  • Your employment status
  • Your income and outgoings, including existing debts
  • The size of your deposit
  • Whether you choose a fixed or variable interest rate mortgage

It's up to you.

Taking out your maximum mortgage might help you get the kind of property you want in the area you'd like to live in. But a lower mortgage could mean you might worry less about struggling to afford the monthly payments, especially if you factor in life changes like having children, changing jobs or taking a career break.

Our mortgage payment calculator offers a good starting point, but these payments aren't the only costs to budget for. Other property-related ones include:

  • Council tax – estate agents can tell you what council tax band a property is in.
  • Energy bills – look for current averages for your property size, as well as energy performance certificates.
  • Water bills – see Money Helper's handy guide to work yours out.
  • Home insurance – potentially including buildings insurance, contents insurance and life insurance.
  • Broadband – use comparison websites to check deals in your area.

This is alongside your regular expenses such as food, travel and socialising. Having a detailed monthly budget comparing all this with your income will tell you how easily you can afford a mortgage.

Lenders will also ask for information on your income and outgoings as part of your application.

If the results you get from our monthly mortgage calculator are a little beyond your means, there are a few ways to potentially bring the cost down:

  • Look at cheaper homes so you can borrow less
  • Choose a longer loan term
  • Put down a larger deposit
  • Shop around for better interest rates (our mortgage brokers will do this for you)

Our mortgage repayment calculator tells you what the monthly payments could be on:

  • Fixed-rate mortgages – with a fixed interest rate for a set period. After it ends, you'll usually move to your lender's standard variable rate (SVR), which will be more expensive and could go up or down.
  • Interest-only mortgages – where you only repay the interest each month. You'll have cheaper monthly payments but will need to repay the full amount you borrowed when the mortgage ends.

Other mortgage types include:

  • Variable rate mortgages – where the interest-portion of your monthly payment could change throughout your term. This makes an average payment figure difficult for a tool like ours to provide.
  • Discount mortgages – where you're offered a lower rate than your lender's SVR.
  • Remortgages – where you change your existing mortgage to a new deal or lender. See our remortgage calculator if this is what you want to do.

Our mortgage brokers can explain the different types of mortgages and recommend which type will suit your situation and preferences.

Our mortgage calculator tells you what your monthly repayments could be based on how much you want to borrow. This figure is your chosen property's price minus your deposit, so have an idea of the deposit you'll put down before doing the calculations.

Generally, 10% deposits are considered standard for many lenders. Paying a bigger deposit could help you get better mortgage rates. Some lenders offer mortgages on 5% deposits if you're short on savings, although you'll pay more in interest as a result.

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