Free Mortgage Calculator
Estimate your monthly mortgage repayments, total interest and overall repayment cost based on your loan amount, interest rate and mortgage term.
How to Use
1. Enter the property price
Enter the total purchase price of the property.
2. Enter your deposit
Add the amount you plan to pay upfront as your deposit or down payment.
3. Add the interest rate and term
Enter the annual mortgage interest rate and your repayment term in years.
4. Calculate your mortgage
Click the button to estimate your mortgage amount, monthly repayment, total interest and total repayment.
Mortgage Calculator
Enter your property price, deposit, interest rate and mortgage term below to estimate your monthly mortgage payment.
What Do These Results Mean?
Mortgage Amount
This is the amount you are borrowing after subtracting your deposit or down payment from the property price.
Estimated Monthly Payment
This is the estimated amount you would pay each month based on the mortgage amount, interest rate and repayment term entered.
Total Interest
This shows the estimated amount of interest you would pay over the full mortgage term if the interest rate remained the same.
Total Repayment
This is the estimated total amount you would repay over the mortgage term, including both the amount borrowed and the interest.
Example Calculation
See how the mortgage calculation works with a simple example.
Example:
If a property costs £300,000, you make a £30,000 deposit, choose a 25-year mortgage, and the annual interest rate is 5%:
Property Price: £300,000
Deposit: £30,000
Mortgage Amount: £270,000
Interest Rate: 5% per year
Mortgage Term: 25 years
Estimated Monthly Payment: £1,578.05
Estimated Total Interest: £203,415.01
Estimated Total Repayment: £473,415.01
This example assumes the interest rate remains unchanged for the entire mortgage term. Actual mortgage payments and costs may vary depending on your lender, mortgage type, fees and changes in interest rates.
Mortgage Calculation Formula
The calculator uses the standard mortgage repayment formula to estimate your monthly payment based on the amount borrowed, interest rate and mortgage term.
Monthly Mortgage Payment Formula
M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
M = Monthly mortgage payment
P = Mortgage principal (property price minus deposit)
r = Monthly interest rate (annual interest rate ÷ 12 ÷ 100)
n = Total number of monthly payments (mortgage term in years × 12)
Total Repayment = Monthly Payment × Number of Monthly Payments
Total Interest = Total Repayment − Mortgage Amount
Mortgage Terms Explained
Understand the key terms used in the Mortgage Calculator
Property Price
The total purchase price of the property before your deposit is deducted.
Deposit / Down Payment
The amount you pay upfront towards the property. A larger deposit reduces the amount you need to borrow.
Mortgage Amount
The amount you borrow from the lender after subtracting your deposit from the property price.
Annual Interest Rate
The percentage charged on your mortgage each year. The calculator converts this into a monthly rate when estimating your repayments.
Mortgage Term
The length of time you choose to repay the mortgage, usually expressed in years.
Monthly Repayment
The estimated amount you pay each month towards the mortgage principal and interest.
Total Interest
The estimated total interest paid over the full mortgage term, assuming the interest rate remains unchanged.
Total Repayment
The estimated total amount repaid over the mortgage term, including the original mortgage amount and interest.
Frequently Asked Questions
Find answers to common questions about mortgage payments and how this calculator works.
What does this Mortgage Calculator calculate?
It estimates your mortgage amount, monthly repayment, total interest and total repayment based on the information you enter.
Does a larger deposit reduce my monthly mortgage payment?
Generally, yes. A larger deposit reduces the amount you need to borrow, which can lower your estimated monthly repayments and total interest.
What interest rate should I enter?
Enter the annual interest rate you expect to pay on your mortgage. If you have a mortgage offer or quote, you can use the rate provided by the lender.
Does the calculator include mortgage fees, taxes or insurance?
No. The calculation is based on the property price, deposit, interest rate and mortgage term. Additional costs such as lender fees, property taxes, insurance and other charges are not included.
Disclaimer
This Mortgage Calculator is provided for general informational and educational purposes only.
Results are estimates based on the information you enter and should not be considered financial, mortgage, investment or legal advice. Actual mortgage rates, repayments, fees and costs may vary depending on the lender, mortgage product and your individual circumstances.
Always check the terms provided by your lender or seek appropriate professional advice before making financial decisions.