Mortgage repayment calculator
How Much Could My Mortgage Repayments Cost?
A mortgage is a major financial commitment, so you'll need to have a good idea of how much it's going to cost you each month. Use our mortgage repayment calculator to work out what your repayments will be, based on the purchase price of the property, your deposit size and the mortgage term.
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How does the mortgage repayment calculator work?
Our mortgage repayment calculator works out how much your monthly mortgage payments will be based on:
The property’s sale price
The mortgage type
How much you're borrowing
The mortgage term
It'll also show you how much you'll pay per month, based on our own data about mortgage interest rates along with how much this would cost in total over the duration of the term.
For example
If your property price is £350,000 and you're borrowing £315,000 over 35 years at 4.5 interest, your monthly repayments will be £1,490.76 and you'll pay £626,118.66 over the 35-year mortgage term.
Mortgages can include product fees, and if you add these to your mortgage it will increase the total amount you're borrowing and your monthly repayments.
How long should my mortgage term be?
If you want to keep your total borrowing costs down, it's a good idea to choose a shorter loan term. However, the shorter your mortgage term, the more you'll pay back each month.
As an illustrative example, here's what borrowing £315,000 on a £350,000 property at 4.5% interest would mean for your monthly repayments and total amount repayable over varying mortgage terms.
Mortgage Term (Years) | Monthly Repayment (£) | Total Cost Over the Mortgage Term (£) |
20 | £1,992.85 | £478,282.93 |
25 | £1,750.87 | £525,261.69 |
30 | £1,596.06 | £574,581.14 |
35 | £1,490.76 | £626,118.66 |
40 | £1,416.12 | £679,739.01 |
Use our other mortgage calculators
Author
Alan Cairns
Senior Content Editor
Alan helps MoneySuperMarket break down complicated financial topics into plain English, to help you find the right deals. When he’s not writing or editing you might find him cycling the South Downs.
