Calculate your monthly mortgage payments with our easy-to-use calculator
Use our mortgage calculator to estimate your monthly payments based on the home price, deposit, interest rate, and loan term. Perfect for first-time buyers, remortgaging, or buy-to-let investments.
Our mortgage calculator uses the standard amortisation formula to determine your monthly payments. This calculation takes into account the principal amount (home price minus deposit), interest rate, and loan term to give you accurate monthly payment estimates.
The monthly payment shown includes both principal and interest. However, your actual monthly housing costs may also include buildings and contents insurance, council tax, service charges (for flats), ground rent (for leasehold properties), and maintenance and repairs.
To secure the most favourable mortgage terms, save for a larger deposit (aim for at least 10-20% of the property value), improve your credit score before applying, compare offers from multiple lenders, consider using a mortgage broker, and factor in all fees, not just the interest rate.
Fixed-Rate Mortgages: Your interest rate stays the same for a set period (typically 2, 3, 5, or 10 years). Perfect if you want payment certainty.
Variable-Rate Mortgages: Your rate can change. Includes tracker mortgages (follow central bank base rate) and standard variable rate (SVR) mortgages.
Offset Mortgages: Link your savings to reduce the interest you pay. Great if you have substantial savings.
Is this calculator accurate for mortgages?
Yes, our calculator uses the standard formula used by lenders. However, actual offers may vary based on your circumstances and lender criteria.
What's a good loan-to-value (LTV) ratio?
Lower LTV ratios (larger deposits) typically qualify for better interest rates. Aim for 80% LTV or lower for the best rates. The best rates are usually available at 60% LTV.
Should I choose a longer or shorter loan term?
Shorter terms mean higher monthly payments but less total interest. Longer terms reduce monthly payments but increase total interest paid. Most buyers choose 25-year terms.
What about stamp duty?
Remember to budget for stamp duty land tax and other property taxes depending on your location. First-time buyers may qualify for relief.