Money Worked Out

Mortgage calculator

Enter the mortgage amount, the interest rate and the term. The calculator shows the monthly payment, what you pay back in total and how much of that is interest, with a table for each year of the mortgage. The sum is shown step by step under the result.

Monthly payment

£1,169.18

£350,754.02 in total over 25 years

Your details

Per year, in percent%

Years, from 1 to 40

For part and part only

Total interest£150,754.02
Payment if the rate rises by 1 percentage point£1,288.60
How this was worked out
  1. Monthly rate: 5% ÷ 12. The calculation treats the entered rate as a nominal yearly rate and charges interest monthly.
  2. Repayment part: £200,000.00 over 300 monthly payments.
  3. Interest-only part: £0.00. The capital still owed must be repaid at the end.
  4. Total paid, including any final capital payment: £350,754.02. Interest: £150,754.02.
Year by year
YearPaidInterestOwed at the end
1£14,030.16£9,906.34£195,876.18
2£14,030.16£9,695.35£191,541.37
3£14,030.16£9,473.58£186,984.79
4£14,030.16£9,240.47£182,195.10
5£14,030.16£8,995.43£177,160.37
6£14,030.16£8,737.83£171,868.04
7£14,030.16£8,467.06£166,304.94
8£14,030.16£8,182.45£160,457.23
9£14,030.16£7,883.28£154,310.35
10£14,030.16£7,568.78£147,848.97
11£14,030.16£7,238.20£141,057.01
12£14,030.16£6,890.72£133,917.57
13£14,030.16£6,525.45£126,412.86
14£14,030.16£6,141.49£118,524.19
15£14,030.16£5,737.89£110,231.92
16£14,030.16£5,313.64£101,515.40
17£14,030.16£4,867.68£92,352.92
18£14,030.16£4,398.91£82,721.67
19£14,030.16£3,906.17£72,597.68
20£14,030.16£3,388.19£61,955.71
21£14,030.16£2,843.72£50,769.27
22£14,030.16£2,271.43£39,010.54
23£14,030.16£1,669.82£26,650.20
24£14,030.16£1,037.43£13,657.47
25£14,030.18£372.71£0.00

See what overpayments could change.

What the calculator assumes

How a repayment mortgage is paid off

With a repayment mortgage, each monthly payment covers that month's interest and pays off part of the loan. The payment stays the same from month to month while the rate does. At the start the balance is at its highest, so most of the payment goes on interest. As the balance falls, less goes on interest and more goes on the loan itself.

The table under the result shows this for each year: what you paid, how much of it was interest, and what you still owe at the end of the year. By the last year the balance reaches zero.

Interest only and part and part

With an interest only mortgage, the monthly payment covers the interest and none of the loan. The payment is lower, but the whole amount is still owed at the end of the term. The Financial Conduct Authority says interest only mortgages are available only to people with a credible way to repay the full amount at the end, and a hoped-for inheritance or bonus does not count.

A part and part mortgage splits the loan in two. You pay interest only on one part and repay the other part in the normal way. Enter the interest only amount and the calculator works out each part and adds them together. The amount still owed at the end is the interest only part.

If the rate goes up

Under the result, one line shows the monthly payment if the rate were one percentage point higher. Most fixed and discounted deals end before the mortgage does, and the rate then changes to whatever the lender or your next deal sets. The line gives a quick sense of how much a change of that size would add each month.

Lenders run a similar check before they agree to lend. The Financial Conduct Authority calls it a stress test: in many cases the lender checks whether you could keep up the payments if rates rose in future.

A longer or shorter term

A longer term lowers the monthly payment, but you pay interest for more years, so the total you pay back goes up. Try the same amount and rate over 25 years and then over 35 to see the difference in the total interest.

Paying a little extra each month has the opposite effect. The mortgage overpayment calculator shows how much interest that saves and how much sooner the mortgage ends.

What it leaves out

Buying a home costs more than the mortgage. The house deposit calculator shows how long it could take to save a deposit, and the Stamp Duty calculator works out the tax on the price. To set the payment against your pay, the take-home pay calculator shows what reaches your account each month.

Official guidance

Report a mistake

We will receive the page address and the tax year. We will not receive the figures you entered.

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Spotted a mistake?

Email [email protected]. Tell us what you entered and what you expected to see. Fixed errors are listed on the corrections page.