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Mortgage Repayment Calculator

Get an idea of what your monthly mortgage payments might be using The Mortgage Pod’s helpful mortgage repayment calculator.

Free Mortgage Repayment Calculator Tool

This calculator can tell you the monthly and overall cost of your mortgage, based on the loan amount, interest rate, and term length.

Enter the amount you're borrowing
£
Enter the mortgage rate, 5.5% is a typical rate currently but this can vary
%
Enter the mortgage term, 25 years is the average but lenders can offer shorter and longer terms
Years
Mortgae term can't be greater than 40 years

Your Results:

The monthly repayments on a 2,000 mortgage would be 270

The total amount paid at the end of your mortgage term would be 3240

It's important to note that the calculator is intended as an indicative guide only. Please contact us for a free, detailed consultation to get a more accurate estimate of how much you could borrow based on your financial situation, monthly budget and personal circumstances.

Mortgage loan size based on monthly payment

Mortgage payments based on loan size

Mortgage loan size based on income

When searching for a new mortgage deal, it’s crucial to understand what your repayments could be to determine how much you can afford to borrow. Our calculator provides a rough estimate of the monthly repayments based on the property price, your deposit, the interest rate, and the mortgage term.

What is a mortgage calculator?

There are two main types of mortgage calculators: borrowing and repayment.

1. Affordability Calculator: This estimates how much you could borrow based on your income and other factors. While it varies by lender, it gives you a general idea.

2. Repayment Calculator: The calculator on this page helps you determine your potential monthly payments. You can adjust different deposit amounts and property values to find out how much you need to borrow for your ideal home.

How do mortgage calculators work?

The beauty of the mortgage repayment calculator is that you can experiment with different amounts to find your sweet spot. Our mortgage calculator shows potential monthly payments based on:

  • Property Value (£). You will likely have an idea of the value of the property you want to buy, but if not, take a look at property websites. Look at recent sales rather than asking prices to get a more accurate view of what you could afford in your target area.
  • Deposit (£). Enter the amount of deposit you have already saved or plan to save.

  • Mortgage interest rate (%). Our mortgage calculator defaults to 4%. However, be sure to look up the latest average interest rates and replace it with a more accurate figure. We recommend that you make your calculations based on the best and worst scenarios to ensure you could still make the payments if the interest rate were to change.

  • Mortgage term (years). Typical mortgage terms range from 15 to 30 years. Think about your life stage and future plans and choose a realistic term.

Please note:

  • The calculator is configured to show monthly payments on repayment mortgages, so if you’re looking for an interest-only mortgage, do get in touch.

  • The calculator only shows monthly repayments on fixed-rate mortgages. If you’re looking to take out a variable-rate mortgage, your payments will, of course, fluctuate with the Bank of England base rate.

Are mortgage calculators accurate?

Repayment calculators like ours are intended as an indicative guide only. Mortgage rates are constantly changing, so it’s best to contact a mortgage adviser for a more accurate view.

Also, there are many other factors that could affect your eligibility for a mortgage, such as your credit history. Lenders carry out stringent credit checks, so it’s worth checking your credit report before you start to approach lenders.

Important things to remember:

  • Always consider the one-off costs of arranging your new deal, such as solicitors fees and stamp duty. Use our stamp duty calculator.

  • Your monthly costs will include more than the mortgage repayments alone. It’s important to factor in things like utility bills, insurance and mortgage protection.

  • If you’re planning on paying off an existing mortgage early before getting a new deal, there may be early repayment costs to factor in.

What can I do if the monthly mortgage payments are too high?

What can I do if the monthly mortgage payments are too high?

As a first-time buyer, the projected monthly payments may feel a little intimidating, but if they seem out of reach, don’t be put off straight away.

There are thousands of mortgage deals on the market with different terms and eligibility criteria, which may mean you can borrow more than you expect. As a mortgage broker, we have the benefit of experience and know exactly which lenders to approach to give you the best chance of success.

What our customers are saying about us

Customer service and communication are our strong points, but we don’t expect you just to take our word for it. If you have time, please take five and read what our customers are saying about us and why they rate us as a 5-star mortgage broker.

Tony T.
11:05 13 Feb 25
After being told we could only get a mortgage at a real high rate and we’d have to wait another year for things to change we were put in contact with Steve who was brilliant from the very beginning of the process and sorted out a brilliant rate for us. Cannot fault the service from Steve and his team he’s helped us to be able to get the property we wanted..
Emma C.
19:50 11 Feb 25
Steve was exceptional in helping us secure a new mortgage earlier this year. Steve kept us in the loop at all times and worked hard to find us the best mortgage deal to fit with our needs. He is professional, so helpful, and is great at explaining all the financial jargon to regular people like us! Absolute star 🌟
Philippa C.
17:47 22 Jan 25
Brilliant service...fantastic advice...all done from the comfort of my home and I have a mortgage that suits my needs ...totally recommend
Lara M.
15:51 04 Jan 25
Steve is an amazing person, very helpful and informative. Straight on it with all updates and no question is too small. Would highly recommend 👌
Sam H.
10:59 08 Nov 24
Steve was brilliant in guiding us through securing a new mortgage for our property. He has helped us over many years with previous mortgage deals and has been so helpful, knowledgeable and patient in answering our many questions. He really does have our best interests at heart and nothing is too much trouble. I would highly recommend The Mortgage Pod to anyone interested in getting the best deal tailored to their needs.
Claire L.
12:35 04 Nov 24
Absolutely fabulous service. Both Steve and Ebony were extremely friendly and helpful! I was well looked after and the team at the mortgage pod made what could have been a stressful time much easier. Recommend for anyone looking for help/advice with a mortgage. I am based in Scotland in a listed building and Steve and Ebony had no issues helping me to find the right deal! Cheers guys.
Jesse H.
11:05 01 Nov 24
We recently worked with Steve and Chris at The Mortgage Pod to buy our new home, and we couldn’t recommend them highly enough.

From the outset, Steve carefully assessed our financial situation, offering us practical, clear advice that gave us the confidence to proceed. He took the time to understand our existing mortgage and helped us navigate porting it to our new property with ease.

Chris provided a similar level of care with our protection needs, evaluating our current coverage and working with us to recommend tailored solutions to ensure we were well protected for our new circumstances.

Their communication was outstanding throughout, which made a real difference in reducing the stress of the process. They were always responsive, using WhatsApp to make it easy for us to stay in touch even during work hours, and provided clear, thorough answers to every question we had along the way.

Thanks to Steve and Chris, we felt supported, informed, and prepared at every stage. We’re so grateful for their guidance and expertise!
Alex M.
06:23 05 Oct 24
Steve was absolutely amazing throughout the whole purchasing process of our first home. We had no idea what we were doing and what to expect but Steve helped answer questions no matter how silly or small. Helped us select the best mortgage that suited our needs and circumstances and also got us really competitive mortgage rate!

I would recommend The Mortgage Pod to anyone that wants a smooth and easy experience purchasing a home. Thanks for all the help Steve!
Daniel G.
07:22 24 Sep 24
Steve at The Mortgage Pod was fantastic in helping us secure our first home. Our circumstances weren’t the most straight forward as a Ltd company director with only one years trading history.

Steve was responsive, knowledgeable, and always available to answer our questions. He made the entire mortgage process smooth and stress-free, explaining everything clearly and ensuring we understood each step. Steve went above and handled everything efficiently, we highly recommend him to anyone looking for a dedicated, professional mortgage advisor. Thank you, Steve, for making our home-buying experience a great one!

Looking for a mortgage? Get in touch with The Mortgage Pod today

Whether you’re looking to buy your first home, moving home or seeking to remortgage, The Mortgage Pod is here to help you find the best deal for your circumstances. Contact us today to arrange a consultation.