Finance Runs in browser Popular Updated 30 Mar 2026

Mortgage Calculator

Calculate monthly mortgage repayments, total interest, and view a full amortisation schedule.

Loan details

Loan amount

Annual interest rate (%)

Term (years)

Quick term

Monthly payment£1,535.22

Total payment£460,565.62

Total interest£210,565.62

Principal vs interest by year

Principal

Interest

Amortisation schedule

Month	Payment	Principal	Interest	Balance
1	1,535.22	389.39	1,145.83	249,610.61
2	1,535.22	391.17	1,144.05	249,219.44
3	1,535.22	392.96	1,142.26	248,826.48
4	1,535.22	394.76	1,140.45	248,431.72
5	1,535.22	396.57	1,138.65	248,035.14
6	1,535.22	398.39	1,136.83	247,636.75
7	1,535.22	400.22	1,135.00	247,236.54
8	1,535.22	402.05	1,133.17	246,834.48
9	1,535.22	403.89	1,131.32	246,430.59
10	1,535.22	405.75	1,129.47	246,024.85
11	1,535.22	407.60	1,127.61	245,617.24
12	1,535.22	409.47	1,125.75	245,207.77

Enter a loan amount and interest rate to see your monthly repayment and amortisation schedule.

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How to use Mortgage Calculator

Enter your loan amount

Type the total amount you are borrowing — this is the purchase price minus your deposit.
Set the interest rate and term

Enter the annual interest rate from your lender. Use the quick-select buttons for 15, 20, 25, or 30-year terms, or type a custom term.
Review your monthly payment

Your monthly repayment, total payment over the loan's life, and total interest are displayed instantly.
Explore the amortisation schedule

Scroll through the month-by-month breakdown showing principal paid, interest paid, and remaining balance for every payment.
Compare different terms

Switch between term lengths to see how a shorter term increases the monthly payment but cuts total interest significantly.

Mortgage Calculator FAQ

How is the monthly mortgage payment calculated?

The standard amortisation formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12).

What is an amortisation schedule?

An amortisation schedule (or amortization schedule) is a table showing every loan payment broken into principal and interest. Early payments are mostly interest; later payments are mostly principal. The schedule shows how the loan balance reduces to zero at the final payment.

Does this include taxes and insurance?

No. This calculator covers principal and interest (P&I) only. Add property taxes, home insurance, and PMI separately for a full monthly cost estimate (PITI: principal, interest, taxes, insurance).

How much does a shorter term save in interest?

Significantly. A £300,000 mortgage at 5% costs roughly £280,000 in total interest over 30 years, but only about £127,000 over 15 years — a saving of over £150,000. The monthly payment is higher but the long-term cost is much lower.

Can I use this for interest-only mortgages?

This tool calculates standard repayment (capital and interest) mortgages. For interest-only loans, your monthly payment is simply the loan amount multiplied by the monthly interest rate, with the full principal due at the end.

What is LTV and how does it affect my rate?

LTV (Loan to Value) is the mortgage amount as a percentage of the property's value. Lower LTV ratios (larger deposits) typically attract lower interest rates. This calculator does not calculate LTV — divide your mortgage by the property value.

How accurate is this for a real mortgage offer?

The monthly payment calculation is accurate for a fixed-rate repayment mortgage with the rate you enter. Real offers may include arrangement fees, overpayment limits, and rate tiers — always verify with your lender's official illustration.

What happens if I overpay each month?

Overpayments reduce the outstanding principal faster, shortening the loan term and cutting total interest. Many lenders allow overpayments of up to 10% per year without penalty. Use the loan calculator's early repayment feature to model this.

Does it handle offset mortgages?

No. Offset mortgage calculations require knowing the linked savings balance, which varies. This tool models standard repayment mortgages only.

Is my data sent anywhere?

No. All mortgage calculations happen entirely in your browser. Nothing is uploaded, stored, or logged.

Background

Enter your loan amount, annual interest rate, and term to see your monthly mortgage repayment calculated instantly using the standard amortisation formula. View the total cost over the life of the loan and the total interest paid. A full amortisation schedule (amortization schedule) breaks down every month into principal paid, interest paid, and remaining balance. A visual chart shows how the principal-to-interest ratio shifts over time — early payments are mostly interest, later ones mostly principal. Quick-select 15, 20, 25, or 30-year terms with one click. Does not include property taxes, insurance, or fees — add those separately for a full PITI estimate. All calculations run in your browser with no data sent to any server.

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Mortgage Calculator: How to Calculate Your Monthly Repayments

Calculate your mortgage monthly payments, total interest, and see a full amortisation schedule. Compare 15, 20, 25, and 30-year mortgage terms.