Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and affordability. Perfect for planning your home purchase and understanding mortgage costs.
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly mortgage payments based on the loan amount, interest rate, and loan term. It's an essential tool for homebuyers to understand affordability, compare different mortgage options, and plan their finances.
Our mortgage calculator uses the standard amortization formula to provide accurate monthly payment estimates, total interest over the life of the loan, and total repayment amount.
How to Use the Mortgage Calculator
- Enter loan amount: Input the total mortgage amount you're borrowing (the property price minus your deposit).
- Enter interest rate: Input the annual interest rate offered by your lender.
- Enter loan term: Input the number of years for the mortgage (typically 25-30 years in the UK).
- Calculate: Click "Calculate Mortgage" to see your monthly payment, total payment, and total interest.
Understanding Your Results
Monthly Payment
This is your monthly mortgage payment including both principal and interest. This amount remains constant throughout the loan term (assuming a fixed-rate mortgage).
Total Payment
The total amount you'll pay over the entire loan term, including both principal and interest.
Total Interest
The total amount of interest you'll pay over the life of the loan. This shows the true cost of borrowing.
Frequently Asked Questions
Does this include other costs?
This calculator shows principal and interest only. It doesn't include property taxes, home insurance, or other fees that may be part of your monthly payment.
What's a typical mortgage term in the UK?
Most UK mortgages have terms of 25-30 years, though terms can range from 15 to 40 years depending on the lender and borrower's circumstances.
How does interest rate affect payments?
Higher interest rates increase your monthly payment and total interest paid. Even a small difference in rate can significantly impact the total cost over the loan term.
Can I overpay my mortgage?
Many UK mortgages allow overpayments, which can reduce the total interest paid and shorten the loan term. Check with your lender about overpayment limits and any fees.
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<p>Calculator: <a href="https://onlinecalculator.co.uk/finance/mortgage-calculator" target="_blank">Mortgage Calculator</a> - OnlineCalculator.co.uk</p>APA Style Citation:
OnlineCalculator.co.uk. (2025). Mortgage Calculator. Retrieved from https://onlinecalculator.co.uk/finance/mortgage-calculatorNote: This calculator is free to use and reference. No permission required for educational or commercial citation.