Whether you’re a first-time buyer or switching deals, these guides can help you understand how different mortgage types and situations can affect your monthly repayments.
Mortgage repayment calculator
Want to get a better idea of what your monthly mortgage payments could look like? Use our mortgage repayment calculator to estimate repayments based on loan size, term and interest rate.
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NO CREDIT CHECKS, and only takes a few minutes!
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Frequently asked questions
Our quick and easy mortgage repayment calculator is a great way to prepare for a mortgage application.
Understanding what your repayments could be can allow you to budget effectively. The calculator allows you to select the interest rate that is applied to the calculation. This means you can keep in line with the current market. You can also select the duration you wish the mortgage is to run for, allowing you to experiment with costs.
Furthermore, our mortgage calculator can give you reassurance that you are being realistic before you start looking at properties.
If you want to get a more detailed understanding of what you could borrow, reach out today. Our expert advisors are on hand to advise you every step of the way.
You’ll be pleased to know that all our mortgage calculators have no effect on your credit score, so you don’t need to worry about only using it once.
Our calculators are in place to give you an idea of your borrowing capabilities, ensuring you’re in the best position possible when applying for a mortgage.
Our monthly mortgage repayment calculator takes the desired loan amount, anticipated interest rate, and loan duration, and will also ask you if you wish to opt for an interest-only or repayment mortgage product.
From this information it can give you an indication of what your monthly payments would be over the set period at a set interest rate. You’ll need to remember that this is just a guide and mortgage products can vary from lender to lender.
Choosing the right mortgage product is a pivotal decision, and one of the biggest choices is between an interest-only mortgage and a repayment mortgage. Both have their merits, but they serve very different financial goals
With an interest-only mortgage, your monthly payments cover just the interest on the loan. This keeps your payments low, freeing up money for other investments or expenses. However, at the end of the term, you’ll still owe the full loan amount. That’s why it’s essential to have a robust repayment plan in place, whether through savings, investments, or the sale of the property.
On the other hand, a repayment mortgage gradually reduces the loan balance over time. Each month, your payment covers both the interest and a portion of the principal. By the end of the term, the property is entirely yours. This option offers peace of mind for those who want to minimise debt and build equity steadily.
When obtaining a mortgage, a lender will charge you for borrowing the money from them. This is known as interest, and it is paid back on top of the money you borrow[3].
It’s calculated as a percentage of the total loan amount (how much you are borrowing). For example, if you borrow £200,000 at 5% interest your total interest would be £10,000.
As the loan amount reduces, you will begin to pay less interest. This is because the percentage used will likely stay the same but the loan amount decreases. For example, if you have paid off £15,000 of your mortgage, your new loan amount is £185,000. So, a 5% rate would leave you with £9,250 in interest.
If you want to understand what interest rates you could be subject to, get in touch today. Our experienced advisors can discuss this with you over a free no-obligation consultation call.
Navigating the mortgage market can feel daunting, especially when every decision carries long-term financial implications. That’s where a mortgage advisor can make all the difference. But when is the right time to seek professional guidance?
For most buyers, the earlier, the better. Speaking to an advisor before you even begin your property search can help you understand how much you can realistically afford[6]. With pre-approval in hand, you’ll have a clearer idea of your budget and greater confidence when making offers.
Advisors can also be invaluable when you’re comparing mortgage products. With so many options available – fixed rates, trackers, interest-only products – it’s easy to feel overwhelmed. An expert can break down the complexities and recommend the best product for your circumstances.
If you’re considering remortgaging, an advisor can guide you through the process and ensure you’re getting the most competitive deal. They’re also a great resource if your financial situation is unique, such as being self-employed or having multiple income streams.