About this tool
This free mortgage calculator estimates monthly repayments on a repayment mortgage, and shows how much interest you'll pay over the whole term. Try a bigger deposit or a shorter term to see how much you could save.
How to work out loan repayments
- Enter the amount. The price of what you're buying. Add a deposit if you're paying part up front.
- Enter the rate and length. The yearly interest rate and the number of years to pay it back.
- Compare. Try a shorter length or a bigger deposit to see how much interest you'd save.
Questions people ask
How is a monthly mortgage payment calculated?
From the amount you borrow (price minus deposit), the interest rate and the number of months, using the standard repayment formula.
How much deposit do I need?
Often 5–10% of the price, but a bigger deposit usually gets a lower rate.
Does it include fees, insurance or tax?
No. It shows the loan repayment only. Lenders' fees, insurance and property taxes are extra.
How are monthly loan repayments calculated?
With the standard repayment formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate and n the number of months.
Does this work for a mortgage?
Yes, for a repayment mortgage. Put the house price as the amount, your deposit, the rate and the term (often 25 years).
Is the result exact?
It's a good estimate. Lenders may add fees, round differently, or use a rate that changes over time.