UK repayment-mortgage estimate
This tool models a capital-and-interest repayment mortgage: each monthly payment covers interest and repays part of the amount borrowed so the balance reaches zero at the end of the selected term. It is not an interest-only calculation.
The product period and mortgage term are not the same
A fixed, tracker or discounted rate may last for only part of a much longer mortgage term. The calculator holds the entered rate constant for every year, so the full-term interest total is a scenario, not a forecast of what will happen after an introductory deal ends or a variable rate changes.
Compare deals using more than the initial monthly payment. Arrangement or product fees, valuation costs, broker charges, early-repayment charges and the rate after the deal period can materially change the cost. If a fee is added to the mortgage, interest may be charged on it.
How to use the estimate
Enter the amount actually borrowed after the deposit. Test the current offered rate, then a higher rate to see whether the household budget has room for change. Check the lender's illustration for APRC, fees, overpayment limits and the payment when the initial deal ends.
MoneyHelper: repayment and interest-only mortgages
Frequently asked questions
Can I use this for an interest-only mortgage?
No. The formula repays capital and interest over the term.
Why test a higher rate?
Fixed deals end and variable rates can move. A second scenario shows how sensitive the payment is.
Are product fees included?
No. Add any financed fee to the loan amount or compare it separately using the lender's illustration.