Kalkulo

Mortgage calculator

Work out the monthly repayment, total cost and amortisation schedule of a UK fixed-rate mortgage or loan, from the amount borrowed, term and rate.

Result
£1,320/mo
Interest cost : £116,779 · Total repaid : £316,779
YearPrincipalInterestBalance
1£5,975£9,864£194,025
2£6,280£9,559£187,745
3£6,602£9,237£181,143
4£6,939£8,900£174,204
5£7,294£8,545£166,910
6£7,668£8,171£159,242
7£8,060£7,779£151,182
8£8,472£7,367£142,710
9£8,906£6,933£133,804
10£9,361£6,478£124,443
11£9,840£5,999£114,603
12£10,344£5,495£104,259
13£10,873£4,966£93,386
14£11,429£4,410£81,957
15£12,014£3,825£69,943
16£12,629£3,210£57,314
17£13,275£2,564£44,040
18£13,954£1,885£30,086
19£14,668£1,171£15,418
20£15,418£421£0

About this tool

Why use this tool

The loan calculator estimates the monthly repayment on a fixed-rate loan and produces a full amortisation schedule. It's essential before buying a property, financing a car, remortgaging or consolidating debt. Comparing scenarios with different terms and rates helps you strike the right balance between monthly outgoings and total cost of credit.

How it works

The tool uses the standard repayment mortgage formula: M = P × i / (1 − (1 + i)−n), where P is the loan amount, i is the monthly rate and n the number of monthly payments. The amortisation table shows how each year's repayments split between capital and interest and the remaining balance. Early on, interest makes up most of the payment; later, capital reduction accelerates.

Real example

For a £250,000 mortgage over 25 years at a 5.0% fixed rate, the monthly payment is around £1,461. Over the full term you would repay about £438,300, of which £188,300 is interest — assuming the rate stayed constant for 25 years (in reality, most UK mortgages fix for 2 to 5 years then revert).

Practical tips

The rate quoted excludes buildings insurance, ground rent, service charges and mortgage arrangement fees, so the APRC will be higher. Use a whole-of-market broker to access lenders not on the high street. Consider the trade-off between 2-year and 5-year fixes based on Bank of England rate expectations. Overpayments of up to 10% per year are usually allowed penalty-free and dramatically reduce total interest. Watch for early repayment charges (ERCs) during the fixed period.

Disclaimer

Results are indicative and exclude arrangement fees, valuation fees, legal costs, stamp duty and mortgage protection insurance. Your actual APRC depends on your credit file, deposit, income and lender criteria. Your home may be repossessed if you do not keep up repayments. This tool is not financial advice — consult an FCA-authorised mortgage adviser before committing.

Frequently asked questions

What is the difference between a repayment mortgage and an interest-only mortgage?⌄
With a repayment mortgage, each monthly payment covers both interest and a portion of the capital, so your debt decreases every month and is fully paid off at the end of the term. With an interest-only mortgage, you only pay the interest each month and the full capital remains outstanding at the end — you need a separate repayment vehicle like an ISA or investment. Interest-only mortgages are now rare for residential purchases following the 2008 financial crisis.
What is a fixed-rate versus a tracker mortgage in the UK?⌄
A fixed-rate mortgage locks your interest rate for an agreed period (typically 2 or 5 years), giving you certainty over monthly payments regardless of Bank of England base rate changes. A tracker mortgage moves in line with the base rate plus a set margin, meaning your payments rise and fall with interest rate decisions. Fixed rates suit those who value predictability; trackers can be cheaper when rates are falling.
What is the Help to Buy scheme and is it still available?⌄
The original Help to Buy Equity Loan scheme closed to new applicants in March 2023. It allowed first-time buyers to purchase new-build homes with a 5% deposit, with the government lending up to 20% (40% in London) interest-free for 5 years. Alternative schemes now available include Shared Ownership, the First Homes scheme offering discounts of 30-50% on new builds, and the Mortgage Guarantee Scheme supporting 95% mortgages.
How does Stamp Duty Land Tax work in England for a first-time buyer?⌄
Since 1 April 2025 the standard nil-rate band is £125,000. First-time buyers in England and Northern Ireland pay no Stamp Duty on the first £300,000 and 5% on the slice from £300,001 to £500,000; there is no first-time-buyer relief above £500,000, where the standard bands apply (0% to £125,000, 2% to £250,000, 5% to £925,000, 10% to £1.5m, 12% above). An additional-property purchase carries a 5-percentage-point surcharge, raised from 3% on 31 October 2024. Scotland uses LBTT and Wales uses LTT, each with its own bands.Source: GOV.UK — Stamp Duty Land Tax
What is a mortgage in principle and why do I need one?⌄
A mortgage in principle (also called an agreement in principle or decision in principle) is a statement from a lender indicating how much they would lend you, subject to full application and verification. Estate agents and sellers often require one before accepting an offer, as it demonstrates you are a serious and creditworthy buyer. It involves a soft credit check that does not affect your credit score, unlike a full mortgage application.

Related tools