UK Mortgage Calculator
What will your mortgage actually cost each month — and over the full term? Enter the loan amount, rate and term to see your repayment, total interest, and an optional overpayment comparison.
How to use this calculator
- Enter mortgage amount.
- Enter interest rate.
- Enter loan term.
- Your results appear instantly below and update as you change the numbers.
How this calculator works
A repayment mortgage combines interest and principal in every payment: each month you pay the interest accrued on the remaining balance plus a slice of the loan itself. Early payments are mostly interest, so equity builds slowly at first. The calculator works out your level monthly payment using your rate and term, then shows total interest and total cost over the life of the loan. Worked example: £250,000 over 25 years at 4.5% costs £1,390 a month — £416,874 in total, of which £166,874 is interest. Most UK lenders cap borrowing at around 4.5× your income and want a 5–10% deposit, though first-time buyer schemes (including 5% deposit mortgages and shared ownership) widen access.
Frequently asked questions
What is the average UK mortgage rate in 2026?
Rates move with the Bank of England base rate and have stayed in the low-to-mid 4% range for 2–5 year fixes through 2026. Check MoneySuperMarket or Moneyfacts for today's best rates — the difference between 4% and 5% on £250,000 is about £142 a month.
Should I fix or go variable?
A fixed rate gives certainty for the fix period (typically 2 or 5 years) but usually costs slightly more and charges an early repayment fee to leave early. A variable or tracker rate can be cheaper now but your payment can rise. Most borrowers choose a 5-year fix and remortgage before it ends.
Does this include the deposit and fees?
No — it covers the loan itself. On top you'll pay your deposit (typically 10–20%), an arrangement fee (often £999–£1,999, sometimes added to the loan), a valuation fee, and legal costs. Use the Stamp Duty calculator for the tax, which for many buyers is the biggest upfront cost after the deposit.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect the current tax year and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: GOV.UK income tax rates · National Insurance · Stamp Duty Land Tax.