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Mortgage calculator
Your monthly payment, the interest over the whole mortgage, and what overpaying would save.
Borrowing £232,500 over 30 years at 4.5% costs about £1,178 a month, and £191,596 in interest over the whole mortgage.
Mortgage each month
£1,178
Borrowing £232,500, 93% of the price.
- Interest in total
- £191,596
- Paid back in total
- £424,096
A repayment mortgage at the same rate throughout. Fees, insurance and bills are extra.
What you'd still owe
Early on, most of each payment is interest. From year 16, more of it pays off the loan.
| After year | Still owed | That year: interest | That year: off the loan |
|---|---|---|---|
| 1 | £228,749 | £10,386 | £3,751 |
| 5 | £211,942 | £9,648 | £4,489 |
| 10 | £186,208 | £8,517 | £5,619 |
| 15 | £153,994 | £7,102 | £7,034 |
| 20 | £113,669 | £5,331 | £8,805 |
| 25 | £63,190 | £3,114 | £11,022 |
| 30 | £0 | £339 | £13,798 |
Common questions
- How is a mortgage payment worked out?
- Each month you pay the same amount. Part of it is interest on what you still owe, and the rest pays off the loan. Early on, most of it is interest. On £200,000 at 4.5% over 30 years, more of each payment pays off the loan than goes on interest from year 16.
- What's the monthly payment on a £200,000 mortgage?
- About £1,013 a month at 4.5% over 30 years, or £1,112 over 25 years. The shorter term costs more each month but £31,314 less in interest overall.
- What if interest rates go up?
- On £200,000 over 30 years, a rate 1 point higher adds about £122 a month. A fixed rate keeps your payment the same until the deal ends.
- Is it worth overpaying?
- It can save a lot. Paying £100 a month extra on £200,000 at 4.5% clears it about 5 years sooner and saves about £31,745 in interest. Most deals let you overpay up to 10% a year without a fee, but check yours.
- How much can I borrow?
- Many lenders lend around 4.5 times your yearly income, and want a deposit of at least 5% of the price. Debts and other payments bring it down. Only a lender can say for sure.
- Does this include fees, insurance or bills?
- No. It's the mortgage payment only, on a repayment mortgage. Arrangement fees, insurance, council tax and bills are on top. The costs calculator adds those up for a home.
The mortgage is only part of it
Council tax, energy and the cash you need on day one all count. The costs calculator adds them up, the stamp duty calculator works out the tax, and mortgage deals explained compares fixing for two years or five.
A guide, not financial advice or an offer to lend. Only a lender can say what you could borrow and at what rate. Where our numbers come from.