UK Mortgage Calculator: Estimate Your Monthly Payments
Our free UK mortgage calculator helps you estimate your monthly mortgage payments in seconds. Simply enter your property value, deposit, interest rate and mortgage term below to see an instant, illustrative estimate.
Calculate your estimated payment
Use approximate figures if you are still planning.
This is an illustrative estimate based on the information entered above.
What affects your mortgage payment?
Your monthly mortgage payment can be affected by the amount you borrow, the interest rate and the length of your mortgage term. A larger deposit can also reduce the amount you need to borrow.
Mortgage amount
The amount you borrow — your property value minus your deposit — has the biggest impact on your monthly payment. A larger deposit reduces the mortgage amount, which lowers both your monthly payment and your loan-to-value (LTV).
Interest rate
Your interest rate is set by the lender based on factors like your LTV, credit profile and current market rates. Even a small difference in rate can noticeably change your monthly payment over a 25 to 30 year term.
Mortgage term
Spreading your mortgage over a longer term lowers your monthly payment, but you'll pay more interest overall. A shorter term means higher monthly payments but a cheaper mortgage in total.
Not sure which mortgage type suits you? Read our guide to mortgages explained, or get in touch if you'd like to talk it through with us directly.
Mortgage Calculator FAQs
How much can I borrow for a mortgage?
Most UK lenders base affordability on your income, outgoings and credit history, typically lending around 4 to 4.5 times your annual salary. This calculator gives a quick payment estimate, but an adviser can give you a more accurate affordability assessment based on your full circumstances.
Can I use this calculator to check overpayments?
This calculator shows your standard estimated monthly payment. Overpaying reduces your mortgage balance faster and can lower the total interest you pay over the term, though most lenders cap overpayments at around 10% of the balance per year without a fee. Speak to an adviser to see how overpayments could affect your specific mortgage.
Can I use this for a remortgage?
Yes. Enter your property's current value, your outstanding mortgage balance as the "Deposit" figure, and your expected new rate and term to estimate your new monthly payment if you remortgage.
What is LTV and why does it matter?
LTV (Loan-to-Value) is the percentage of the property's value that you're borrowing. A lower LTV — from a bigger deposit or more equity — usually means access to better interest rates, so it's a good figure to keep an eye on.
How accurate is this mortgage calculator?
This tool gives an illustrative estimate based on the figures you enter. Your actual rate, payment and eligibility will depend on the lender's own criteria, your credit profile and current market rates, so treat this as a starting point rather than a guaranteed offer.
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