Mortgage Repayment Calculator (UK)
See your monthly payment, total interest and how it changes if your rate goes up or down.
| Amount borrowed | £200,000 |
|---|---|
| Loan-to-value (LTV) | 80% |
| Total interest over the term | £150,754 |
| Total repaid | £350,754 |
| Rate | Monthly payment | Difference |
|---|---|---|
| 4% | £1,055.67 | −£113.51 |
| 5% | £1,169.18 | – |
| 6% | £1,288.60 | +£119.42 |
| 7% | £1,413.56 | +£244.38 |
| After | Balance |
|---|---|
| 5 years | £177,160 |
| 10 years | £147,849 |
| 15 years | £110,232 |
| 20 years | £61,956 |
An estimate for a fixed rate over the full term. Real mortgages change rate after the deal ends, and lenders may charge fees.
How mortgage payments are worked out
With a repayment mortgage each monthly payment covers the interest for that month plus some of the amount you borrowed, so the debt reaches zero by the end of the term. The payment is calculated from the loan, the interest rate and the term using the standard formula for an annuity.
With an interest-only mortgage you pay just the interest each month and still owe the full loan at the end, so you need a separate plan to repay it.
Example: borrowing £200,000 at 5% over 25 years costs £1,169.18 a month and £150,754 in total interest.
How the rate and term change the cost
| Loan of £200,000 at | 20 years | 25 years | 30 years |
|---|---|---|---|
| 3% | £1,109.20 | £948.42 | £843.21 |
| 4% | £1,211.96 | £1,055.67 | £954.83 |
| 5% | £1,319.91 | £1,169.18 | £1,073.64 |
| 6% | £1,432.86 | £1,288.60 | £1,199.10 |
| 7% | £1,550.60 | £1,413.56 | £1,330.60 |
A longer term lowers the monthly payment but increases the total interest you pay. Even a small rate change matters: on a £200,000 loan over 25 years, each extra 1% adds roughly £110 to £125 a month.
Deposit and loan-to-value (LTV)
Your LTV is the loan as a percentage of the property price. A bigger deposit gives a lower LTV, and lenders usually offer better rates at lower LTVs, typically with steps at 60%, 75%, 80%, 85%, 90% and 95%.
What this calculator does not include
It assumes a fixed rate for the whole term. In reality most borrowers fix for two to five years then move to a new deal, and your payments may change. It also leaves out arrangement fees, valuation and legal costs, and stamp duty. Speak to a regulated mortgage adviser before you borrow.
Frequently asked questions
How much is a £200,000 mortgage per month?
Over 25 years at 5% a £200,000 repayment mortgage costs about £1,169.18 a month. At 4% it would be £1,055.67, and at 6% £1,288.60.
How much deposit do I need?
Most lenders want at least 5% of the price, but larger deposits unlock cheaper rates. A 10% to 20% deposit is common.
Is it better to choose repayment or interest-only?
Repayment mortgages guarantee you own the home outright at the end. Interest-only gives lower monthly payments but leaves the full debt, which is why they are mainly used for buy-to-let or with a clear repayment plan.
How much can I borrow?
Lenders typically offer 4 to 4.5 times your annual income, and sometimes more, depending on your outgoings and credit history. They will run affordability checks.
Will overpaying reduce my mortgage?
Yes. Extra payments reduce the balance and so the interest charged, shortening the term or lowering payments. Check your deal for overpayment limits to avoid early repayment charges.