Mortgage Repayment Calculator
See your monthly payment, how much interest you'll pay, and how much you could save by overpaying.
Monthly repayment
£1,389.58
- Interest only
- £937.50 /month
- Total interest
- £166,874
- Total repaid
- £416,874
Balance over time
If your rate changes
Monthly repayment on the same balance and term at other rates — useful when a fixed deal is ending.
| Rate | Monthly | Difference |
|---|---|---|
| 3.5% | £1,251.56 | −£138.02 |
| 4.5% (yours) | £1,389.58 | – |
| 5.5% | £1,535.22 | +£145.64 |
| 6.5% | £1,688.02 | +£298.44 |
This is an illustration for general information only. It is not financial, tax or legal advice and does not take your personal circumstances into account. Figures assume the rate stays the same for the whole term; real rates change when deals end. They exclude fees and do not represent a mortgage offer. Check your own mortgage terms for any early repayment charges before overpaying. Your home may be repossessed if you do not keep up repayments on your mortgage.
Offset mortgage calculator
With an offset mortgage, your savings reduce the balance you pay interest on, while staying available to you. See what that could be worth compared with earning savings interest.
0% if within your allowance
Offsetting £25,000 could save
£52,904
in interest, and clear the mortgage 3 years sooner, if you keep paying £1,461 a month and the savings stay in place.
First year: interest saved by offsetting
£1,250
tax-free
First year: savings interest instead
£800
after 20% tax
This is an illustration for general information only. It is not financial, tax or legal advice and does not take your personal circumstances into account. Offset mortgage rates are often a little higher than standard rates, which this does not include. Assumes the same rates and savings balance throughout.
Common questions
How is a monthly mortgage repayment calculated? +
On a repayment mortgage, each monthly payment covers that month's interest plus part of the amount borrowed, so the balance reaches zero at the end of the term. Early on most of each payment is interest; later, more of it repays the loan. On an interest-only mortgage you pay just the interest and still owe the full amount at the end.
Is it worth overpaying my mortgage? +
Overpaying reduces the balance that interest is charged on, so it can save a significant amount of interest and shorten the term. Whether it is right for you depends on things like your savings, other debts and pension contributions. It is usually sensible to keep an emergency fund before overpaying.
How much can I overpay without a penalty? +
Many lenders allow overpayments of up to 10% of the balance each year during a fixed or discounted deal without an early repayment charge, but the allowance and how it is measured vary. Check your mortgage offer or ask your lender before making a large overpayment.
What happens to my payments when my fixed rate ends? +
If you do nothing, most mortgages move to the lender's standard variable rate, which is often higher. Reviewing your options around six months before the deal ends gives time to compare a product transfer with your current lender against a remortgage elsewhere.
Also try our stamp duty calculator.