Mortgage Repayment Calculator
See how much your monthly payments could be
Your potential monthly repayments
Check out the table below to find out how much your monthly repayments might be at a glance, depending on how much you borrow and for how long. For example, if you take out a 100k mortgage over 25 years, you might end up with monthly payments of around £542, assuming a typical fixed interest rate of 4.25%. Whereas, if you take out a 150k mortgage over 30 years, your monthly repayments may be around £738.
To adjust the amount, term or interest rate to your exact specifications, use our quick mortgage repayment calculator.
What Is a Mortgage Repayment Calculator?
A mortgage calculator is a handy tool that takes the guesswork out of estimating your monthly mortgage payments. By plugging in details like the mortgage amount, mortgage term, and mortgage interest rate, you’ll get a quick snapshot of what your monthly costs could look like—no confusing manual math required. It’s a simple, reliable way to understand what borrowing for a home might mean for your finances.
Who Can Benefit from a Mortgage Calculator?
Mortgage payment calculators are perfect for anyone dreaming of buying a home or even considering refinancing an existing mortgage. Whether you’re a first-time buyer, a seasoned homeowner thinking of upgrading, or a real estate investor looking at your next opportunity, these quick mortgage calculators can guide you in making confident, well-informed decisions.
What Do I Need to Use One?
To get the most accurate estimate from a home loan calculator, you’ll need three key pieces of information:
- Mortgage Amount: How much you’re planning to borrow to make your property dreams a reality.
- Mortgage Term: The number of years you’ll take to pay off the loan, typically between 15 and 30 years.
- Interest Rate: The annual cost of borrowing, expressed as a percentage, which directly influences your monthly payment.
Just enter these details into our mortgage monthly payment calculator, and you’ll have an instant estimate of your repayment amount.
Which Type of Mortgage Calculator Should I Use?
There are several types of mortgage calculators, each serving different purposes:
- Mortgage Repayment Calculator: Ideal for estimating your monthly payments using the loan amount, term, and interest rate. It’s a great way to see if a mortgage fits your budget.
- Affordability Calculator: If you’re unsure how much house you can afford, this one’s for you. It factors in your income, expenses, and financial obligations to suggest a sensible borrowing limit.
- Stamp Duty Calculator: If you’re planning to buy a property, a Stamp Duty Calculator can help you estimate the amount of Stamp Duty Land Tax (SDLT) you’ll need to pay. This tool factors in the property’s price, your buying status (like whether you’re a first-time buyer or purchasing an additional property), and current tax thresholds. It’s a helpful way to budget for this often-overlooked expense when buying a home.
Choose the one that best meets your needs to get clear, reliable results.
How Much Deposit Do I Need for a House?
The deposit amount depends on a few factors, like your lender’s requirements and the mortgage type. Generally, a 20% deposit of the property price will get you the best rates and terms. But don’t worry if you can’t manage that—a 5% or 10% deposit could still get you a mortgage, though the terms might be less favourable.
Remember, a bigger deposit usually means lower interest rates and better deals, plus it reduces how much you need to borrow, which translates to lower monthly payments.
What Are Mortgage Interest Rates?
Mortgage interest rates are what lenders charge for the privilege of borrowing their money to buy a home. These rates are influenced by various factors, including the economy, market trends, your credit score, and the length of your mortgage.
There are two main types of interest rates:
Fixed Rates: These stay the same for the entire loan term, giving you predictability and peace of mind.
Variable Rates: These can change with the market, which means your payments could go up or down.
Shopping around for the best interest rates can save you a substantial amount over the years, so it’s worth the effort.
Your questions answered
How much can I borrow for my mortgage?
You can usually borrow around 4 to 5 times your salary.
Some lenders offer up to 6 times your salary, but they will be very strict about who they lend this amount to. Lenders also have different rules and the income multiple they allow can depend on many things.
They include:
- salary and source of income
- using a government homeownership scheme
- extra benefits (for example, Barclays offer Premier customers slightly higher income multiples)
- deposit size
- financial commitments and bills
- age
- length of mortgage
- leasehold costs
Most lenders will take your age into account when deciding the length of your mortgage term. For example, many require your mortgage to be fully repaid by the time you reach retirement age. This could limit your term if you’re applying at an older age. If you have a shorter term, you will have higher monthly payments. This could mean you’re more limited in how much you can borrow overall.
In addition, the size of your deposit can also affect the amount you’re able to borrow. A larger deposit means more of your property price is paid upfront, which means you’ll need to borrow less. This can result in a shorter mortgage term and lower monthly repayments.
How much mortgage can I afford?
Mortgage payment calculators are an excellent way of finding out how much you might be able to borrow. However, calculators can only make an estimate: they do not take everything into account. As such, it’s crucial you understand what factors the online mortgage calculator you are using considers.
Each mortgage repayments calculator is different, but basic online mortgage calculators will usually look at:
- how many people are paying the mortgage
- salaries
- secondary income
- mortgage type
- mortgage length
- interest rate
Most mortgage calculators do not look at:
- monthly expenses
- credit score
- costs of getting a mortgage
- interest rate changes
- life changes such as losing your job
Unlike calculators, most lenders look at every issue that could affect your repayments. You might also need to pass a lender’s ‘stress test’ before they’ll give you a mortgage. This is to make sure you’ll be able to pay your mortgage if something happens that affects your repayments.
This could include:
- losing your job
- having a baby
- being ill
- a change in interest rates
To pass the stress test, lenders will look at your salary and other types of income such as pensions and investments. Lenders also look at your credit history to see what type of borrower you are. This is called a credit check. It could be a hard or soft credit check, depending on their rules.
Should I borrow the maximum amount?
When a lender offers you a mortgage, they’ve decided how much they’ll lend you based on:
- your salary
- secondary sources of income, such as investments
- how much you can afford to pay
To decide how much you can afford to pay, a lender must consider a range of risk-based factors, such as a rise in interest rates or potential loss of employment.
Even if a lender thinks you can afford the full amount they’re offering, you should decide how much is right for you.
Some people do borrow as much as they can in order to get their dream property. Others, on the other hand, may prefer to borrow less and take on less risk. This is ultimately down to personal preferences and attitudes to risk.
Think about what’s best for you. Remember, you might lose your home if you do not keep paying your mortgage.
How much do most people borrow?
According to our data, most people who get a mortgage to buy a property borrow between 2 and 4 times their income.
Generally, the average loan-to-income (LTI) ratio is higher in the south of the country where houses are more expensive.
How much can I borrow with bad credit?
Even if you’ve got a poor credit score now, the amount you can borrow still depends on your personal situation.
A lender looks at your credit history to see how well you’ve managed debt before. This is known as a credit check.
If you have bad credit history some lenders may:
- turn you down for a mortgage
- ask for a bigger deposit
- offer you a higher interest rate
Whether your credit history will affect your mortgage application depends on:
- what the credit problem is
- the amount
- when it happened
Missing a mortgage payment or going bankrupt are two scenarios that can stay on your credit report for six years. Missing payment on a loan is clearly more serious than missing a utility bill payment, for example, and as such can harm your credit score more severely.
It’s possible to explain to a lender how you got into debt, however.
For example, if your finances are normally well-managed, but your debt is a result of a life event such as divorce, a lender might not view your debt as seriously.
You should always speak to a mortgage broker to find out how your situation could affect how much mortgage you can borrow.
How much can I borrow with no deposit?
It is possible to get a mortgage with no deposit.
However, most lenders require a deposit of at least 5% of the purchase price.
100% mortgages are usually linked to a relative’s or friend’s savings account.
Lenders who offer 100% mortgages include:
- Barclays
- Lloyds
- Tipton & Coseley Building Society
- Skipton Building Society
With Lloyd’s Lend a Hand Mortgage, instead of putting down a deposit, a family member puts 10% of the purchase price into a 3-year fixed-term savings account.
At the end of the 3 years, your family member will get their savings back with interest if you made all your payments.
The home is still yours. Your family member has no legal rights to it.
Can I use Help To Buy with a mortgage?
Help to Buy: Equity Loans are no longer available to new applicants for properties in England. A Help to Buy scheme is available in Wales – this is a shared equity loan for homes up to £300,000. It is designed for first-time home buyers and movers who have a 5% deposit.
There are affordable home ownership options schemes that you might be eligible for in England. For example, there is
- First Homes Scheme, which allows eligible first-time buyers to buy a home for 30% to 50% less than its market value.
- Shared Ownership – a UK wide scheme that allows eligible individuals to buy a share of a property and pay rent to a landlord on the rest.
- Rent to Buy – a lower rent payment scheme to help tenants in England (apart from London) save for deposit to buy a home by offering discounted properties.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
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