Calculate your monthly mortgage repayments
The UK Mortgage Repayment Calculator shows your monthly payment, total amount repayable, and total interest paid for any residential mortgage. Enter the loan amount, annual interest rate, and mortgage term to see the full cost of borrowing alongside a month-by-month amortisation summary.
Monthly mortgage payments use standard amortisation: each payment covers that month's interest on the outstanding balance plus a portion of the principal. Early in the term, payments are mostly interest. Later payments are mostly capital repayment. The total amount repaid can substantially exceed the original loan on long-term, higher-rate mortgages — a 25-year £200,000 mortgage at 5% costs £116,000 in interest alone.
Most UK lenders will lend between 4x and 4.5x your gross annual salary. Use this calculator alongside the salary calculator to check whether monthly repayments are affordable within your actual net take-home pay. A common guideline is to keep total housing costs below 30–35% of monthly net income.
Most UK lenders offer between 4x and 4.5x your annual gross salary. For a joint mortgage, lenders typically use 4x the combined household income. Some lenders offer up to 5x or 5.5x for higher earners or key workers.
With a repayment mortgage you pay back both the capital and interest each month, so your debt reduces to zero by the end of the term. With an interest-only mortgage you only pay the interest, and you must repay the full loan amount at the end of the term — usually by selling the property or using a separate savings vehicle.
A higher interest rate significantly increases monthly repayments. On a £200,000 mortgage over 25 years, a rate of 4% costs £1,056/month, while a rate of 6% costs £1,289/month — a difference of £233/month or nearly £70,000 over the full term.
LTV is the ratio of your mortgage to the property's value. A 10% deposit gives a 90% LTV. Lenders offer better interest rates at lower LTVs (e.g., 75% or 60%), because lower borrowing relative to the property value represents less risk to the lender.
Lenders assess borrowing capacity based on gross income, but your take-home pay determines what you can realistically afford each month. Use this mortgage calculator alongside the salary calculator to ensure monthly repayments are comfortable within your actual net income.