Tim Leonard
Adam FrenchMany or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.
Mortgage calculators can help you with almost any decision you’re likely to make regarding a mortgage, either as a first-time buyer or an existing mortgage borrower. Our mortgage repayment calculator below gives you an idea of the monthly repayments you might make on different mortgage rates, amounts and terms.
You can also use a:
- Mortgage borrowing calculator to work out how much you could borrow on a mortgage,
- Mortgage overpayment calculator so you can see how much faster your mortgage could be cleared,
- Stamp duty calculator which estimates how much stamp duty you may need to pay,
- Mortgage interest calculator so you can check how your mortgage repayments could change if interest rates rise or fall, and compare how different interest rates affect your payments,
- Buy-to-let mortgage calculator to give you an idea how much you may be able to borrow as a landlord and the rent you need to charge to cover your repayments.
Estimated Mortgage Repayment
The following is a guide to repayments over the full term of the mortgage and assumes your interest rate remains the same for the entire duration.
£1,315.33
Monthly Mortgage Repayment
Your mortgage debt over time
This calculator is designed to give you a guide on mortgage costs. It also makes certain assumptions to be able to provide calculations over a longer period that will not be reflected in your own mortgage. The actual mortgage you obtain will depend on a number of factors that are specific to your own personal and financial circumstances.
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NerdWallet UK mortgage calculators
Our mortgage calculators can help estimate your mortgage repayments, the amount you could borrow, your stamp duty costs and more if you’re a homebuyer in the UK. Whether you’re a first-time buyer, moving home, remortgaging or involved in buy-to-let, our free and simple online mortgage calculators can help you plan your mortgage costs.
Mortgage borrowing calculator
Get an instant estimate of how much lenders may be willing to let you borrow using our mortgage borrowing calculator.
Stamp duty calculator
Find out how much stamp duty land tax you may need to pay for homes in England and Northern Ireland using our stamp duty calculator.
Mortgage repayment calculator
Get a quick estimate of your monthly mortgage repayments with our mortgage repayment calculator.
Mortgage overpayment calculator
See how much you could save and how soon you could clear your mortgage by paying extra each month, using our mortgage overpayment calculator.
Mortgage interest calculator
Get an idea of how your monthly repayments may change if interest rates go up or down using our mortgage interest rate calculator.
Buy-to-let mortgage calculator
For an estimate of how much you could borrow when buying a rental property and the rent you’d need to charge use our buy-to-let mortgage calculator.
What is a mortgage calculator?
Mortgage calculators are tools you can use to estimate how much you can borrow on a mortgage and other mortgage costs in different scenarios. There are mortgage calculators that estimate mortgage payments, and calculate how much mortgage repayments will increase or decrease if a mortgage rate changes. Others are designed to calculate how much interest you could save by overpaying on your mortgage, and how much faster you could pay off your mortgage as a result. A stamp duty calculator gives you an idea of the amount of stamp duty tax you’ll need to pay the government when buying a home.
Who is a mortgage calculator for?
A mortgage calculator may be used by anyone who has a mortgage or is thinking of taking one out, including:
- first-time buyers
- homeowners looking to remortgage
- home movers
- existing homeowners purchasing an additional property
- buy-to-let landlords
What information do I need to use a mortgage calculator?
Different mortgage calculators require you to use different information, but some of the details you’ll usually need to have an idea of include:
- your income
- The amount you want to borrow
- your current and potential new mortgage rates
- the mortgage term over which you’ll repay your mortgage
- the value of the property you’re buying
» MORE: Check on current mortgage rates
Do mortgage calculators involve credit checks?
No. Our mortgage calculators are a guide to costs only.
A hard credit check that has the potential to affect your credit score is only carried out by a mortgage lender once you’ve completed a full mortgage application and given permission for it to happen. A soft credit check may be carried out when getting a mortgage in principle, but it won’t impact your credit score.
What will my mortgage repayments be?
Your monthly mortgage repayments will depend on the size of your mortgage, your mortgage rate, and the period of time – or mortgage term – over which you intend to pay off your entire mortgage. You can use our mortgage repayment calculator to help you work out how much your mortgage payments may be.
How much mortgage can I afford to borrow?
How much you could borrow through a mortgage will depend on several factors. Each lender has its own criteria for calculating how much they may be willing to lend to you. Your income, outgoings, employment status, credit score and deposit all usually affect the mortgage you can afford. Our mortgage borrowing calculator can give you an idea of the mortgage you may be able to get, but it is just a guide.
How much deposit do I need for a house?
Typically you’ll need a minimum deposit of 5% of a property’s value to get a mortgage. Having a larger deposit, and therefore a lower loan-to-value, usually gives you access to better mortgage rates and deals.
» MORE: How much deposit do you need for a mortgage?
What types of mortgages can you get?
The main mortgage types you can get include:
- Fixed-rate mortgages: The interest rate on a fixed-rate mortgage stays the same for a certain number of years. This means that your mortgage repayments remain the same until the fixed-rate deal period ends.
- Tracker rate mortgages: The rate on a tracker mortgage is usually a set amount above the Bank of England base rate, and will automatically track any changes to the base rate. This means your repayments have the potential to rise and fall.
- Standard variable rate (SVR): When an initial rate period ends, such as that on a fixed-rate deal, most lenders will switch you onto their standard variable rate, or SVR, unless you remortgage to a new deal. SVRs are often higher than the rate available on other mortgages and lenders can change them when they want.
- Discount mortgages: With a discount mortgage, the rate you pay tracks a lender’s SVR but is discounted for a set period of time.
- Offset mortgages: An offset mortgage allows you to offset your savings or other credit balances against your mortgage to lower the amount of interest you need to pay.
- Interest-only mortgages: With an interest-only mortgage, monthly repayments are lower because you only pay your mortgage interest. However, this leaves the original mortgage amount to be paid back in full at the end of the mortgage term.
Can a mortgage calculator help to find the best mortgage deals?
Mortgage calculators can help you work out the amount of mortgage you can afford and how different mortgage rates may affect your repayments. However, to find a specific mortgage deal you’ll need to shop around. Speaking to a mortgage adviser is a good way to help you find the best deals for your financial circumstances, or you may be confident to do your own research.
» MORE: Best mortgage lenders
Mortgage calculator FAQs
Typically you may be allowed to borrow somewhere between 4 and 5.5 times your salary, but it will depend on the lender and your circumstances. Lenders must make sure you can afford a mortgage, so will also consider factors such as your monthly outgoings, deposit and outstanding debt to calculate the mortgage you can borrow.
The better your credit score the more likely you’ll be offered a mortgage. Having a good credit score suggests to lenders that you’re someone who can generally be relied upon to pay back anything you borrow or owe when you should.
The decision is ultimately yours but think carefully whether you need to. Consider whether it would be affordable in practice, or if it may stretch your finances too far. Also think about the future, and the effect that having children, higher interest rates or losing your job could have on your ability to cover your mortgage repayments and live comfortably. Not paying your mortgage can lead to penalties or, eventually, perhaps losing your home to repossession.
About the Author
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Tim Leonard
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