See your monthly mortgage payment and what it costs in total
Put in the amount you want to borrow, the term and the rate, and this calculator shows your monthly payment straight away. It also shows how much interest you will pay over the whole mortgage, how that changes with a different term or rate, and what a regular overpayment would save you.
It does one job and keeps it simple. There is no Stamp Duty, no income check and no deposit, because the loan is the only number you need to start. When you want the whole picture of buying a home, our residential mortgage calculator and first-time buyer mortgage calculator add those parts.
Simple mortgage calculator
Every figure is an estimate. The rate is an illustrative one, so replace it with the rate you have been quoted.
Get a formal quote
Happy with the figures? Open the form below and your results are added to the message box for you. Add your details and anything else we should know, send it, and an adviser will come back with lender options and a formal quote.
How the simple mortgage calculator works
Enter the loan, which is the amount you need to borrow after your deposit. Choose how many years you want the mortgage to run and type in the interest rate. Then pick repayment or interest only.
With a repayment mortgage, each monthly payment covers that month’s interest and clears some of the loan, so the balance reaches zero at the end of the term. With interest only, the payment covers the interest and nothing else, and the full loan is still owed at the end.
If you want to see what extra payments do, add a monthly overpayment. The calculator then shows how much sooner the mortgage ends and how much interest you save.
What the results show
The monthly payment is the figure leaving your account. Total interest is what the borrowing costs over the term, and the total repayable adds the loan back on top. A table underneath compares the same loan over different terms, and a second one shows the payment at a rate one and two points above and below yours.
Worked example: a £250,000 mortgage
Take a £250,000 loan over 25 years at 5.96 percent on a repayment basis. The monthly payment is £1,605. Over the full term you repay about £481,400, which means about £231,400 is interest.
The term changes the picture more than most people expect. Over 20 years the payment is £1,785 and the interest is about £178,500. Over 30 years the payment falls to £1,492 and the interest rises to about £287,300, and over 35 years it falls to £1,419 with interest of about £345,900. Stretching the term by ten years from 25 to 35 saves £186 a month and adds about £114,500 to the cost.
Repayment or interest only
On the same £250,000 at 5.96 percent, an interest only mortgage costs £1,242 a month. That is £363 less than the repayment figure, and it looks attractive until you reach the end. After 25 years you have paid about £372,500 in interest and still owe the full £250,000.
Lenders will only agree to interest only if you have a credible plan to clear the loan, such as the sale of the property, an investment that has grown to the right size or the sale of another asset. Hoping that prices will rise is not a plan they accept. For a rental property, interest only is common and the lender tests the rent. Our buy-to-let mortgage calculator runs that test.
What a change in rate does
A fixed rate lasts two or five years, and then the mortgage moves to a new deal. Knowing what a different rate does to your payment helps you plan for that day. On the £250,000 loan over 25 years, a rate one point lower would give £1,456 a month. At 5.96 percent it is £1,605. One point higher makes it £1,761 and two points higher £1,923.
That is a swing of £467 a month between the lowest and highest figure. If you are coming to the end of a fixed rate, try the numbers on your own balance and see how the payment would look at a rate a point or two above today’s. Our page on the impact of interest rate changes on your mortgage goes through what drives these moves.
Overpaying your mortgage
Paying extra each month cuts the interest because every pound you overpay reduces the balance the lender charges interest on. On the same £250,000 loan, an extra £200 a month brings the end of the mortgage forward from 25 years to about 19 years and 8 months. The interest falls by about £57,100.
Most fixed rate deals let you overpay up to 10 percent of the balance each year without a charge. On £250,000 that is £25,000. Going beyond it can trigger an early repayment charge, so check the terms of your deal before you send a large sum. Some lenders reduce your monthly payment after an overpayment and others shorten the term, so ask which yours does.
Typical mortgage rates, as at October 2026
Moneyfacts put the average two-year fixed rate at 5.96 percent and the average five-year fixed at 5.99 percent on 15 October. The Bank of England held Bank Rate at 3.75 percent on 17 September. Your own rate depends on your deposit, your credit record and the lender, and borrowers with a larger deposit often pay less than the averages. The calculator starts at 5.96 percent, so type over it with a quoted rate for a more accurate result. Our UK mortgage rates page is updated every month.
What the calculator leaves out
The result is the cost of the loan alone. Arrangement fees, valuation and legal costs, Stamp Duty, buildings insurance and any life cover sit outside it. Fees that are added to the loan raise your balance and the interest on it, so enter the loan including them if you plan to borrow them. Our page on the true cost of a mortgage lists what to budget for.
When a broker can do more than a calculator
A calculator works out the payment for a rate you choose. It cannot tell you which lenders will offer the rate, whether you would qualify, or whether a different product would suit you better, such as an offset mortgage or a tracker. Our page on fixed and tracker mortgages explains how those compare.
UK Mortgage Broker looks across the whole market for the lenders and products that fit your situation, then handles the application. Our types of mortgage page is a good place to start if you are comparing options.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
The payment depends on the loan, the rate and the term.
For a repayment mortgage it is a fixed amount that covers the interest each month and clears the loan by the end. For interest only it is the loan multiplied by the annual rate and divided by twelve.
What is the difference between repayment and interest only?
A repayment mortgage pays off the loan over the term.
An interest only mortgage pays the interest alone, so you still owe the full loan at the end and need a way to clear it.
How much will I pay back in total?
That is the monthly payment multiplied by the number of months.
On £250,000 at 5.96 percent over 25 years it comes to about £481,400, which includes about £231,400 of interest.
Does overpaying shorten my mortgage or lower the payment?
It depends on the lender.
Some keep the payment the same and bring the end date forward, and others lower the payment and keep the term. Most deals allow overpayments of up to 10 percent a year with no charge.
What rate should I use?
Use the rate in your mortgage offer or quote if you have one.
Without one, the calculator starts at the current average two-year fixed rate, which is a reasonable starting point.
Does the calculator include fees or Stamp Duty?
No.
It shows the cost of the loan alone. If you plan to add fees to the mortgage, include them in the loan amount. Stamp Duty is covered in our residential mortgage calculator and first-time buyer mortgage calculator.
Can I use it for a buy-to-let mortgage?
It will work out the payment, and most landlords choose interest only.
A buy-to-let lender also tests whether the rent covers the interest, which this calculator does not do. Use our buy-to-let mortgage calculator for that.
Final Thoughts
A simple calculator shows what a mortgage costs each month and over its life. An adviser can show you which lenders are likely to offer it and on what terms.
UK Mortgage Broker is a whole-of-market broker helping clients throughout the UK and globally to secure funding on UK property. We are directly authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on your mortgage.
Call us on +44 1628 969 500 or email info@uk-mortgagebroker.co.uk to speak to an adviser.
Related Pages
- Residential Mortgage Calculator – Work out the cost of moving home, including your equity and Stamp Duty.
- First Time Buyer Mortgage Calculator – Check what you can borrow and the cash you need on a first home.
- Refinance Mortgage Calculator – Compare your current mortgage with a new deal.
- Types of Mortgage – How repayment, interest only, fixed, tracker and offset mortgages differ.
- Offset Mortgages – How offsetting savings against the loan cuts the interest.