Mortgage calculator

Want to find out what your monthly mortgage payments are likely to be? Our free online mortgage calculator helps you quickly and simply see how much your monthly payments will be. Just put in the amount you need to borrow (this is normally the property price minus your deposit amount), the mortgage term (how long you want the mortgage payments to be spread over, 25 years is the average), the interest rate of the deals you have been looking at and whether the mortgage is repayment or interest only.

Not only will our mortgage calculator show you how much your monthly payments will be, it will also show how much you will repay over the full mortgage term including how much interest you will pay. Using a mortgage repayment calculator is a quick and easy way to work out what your monthly mortgage payments will be for the fixed rate period of your mortgage.

A mortgage is a major financial commitment so it’s important to work out how much you can afford to borrow before looking for the best mortgage deals on the market. Whether you are a first-time buyer or are simply looking to remortgage, our calculator will help you see how much your monthly mortgage payments will be.

How much can I borrow?

In the UK the amount that you can borrow for a mortgage is generally between 3 and 4.5 times your annual income, or up to 5 times your joint income if you are applying for a mortgage with someone else. This is all dependent on a range of factors including the amount of deposit you have, your credit score and credit history, and the amount of unsecured lending you have currently.

What about deposits and LTV?

For the majority of lenders, the minimum deposit you will need will be 10% of the value of the property that you would like to purchase which will mean you then need a 90% mortgage loan. The size of the loan against the property value is known as loan-to-value (LTV) and this is shown as a ratio percentage. The higher your deposit, the lower LTV mortgage you will need. Not only will you need to borrow less, but you will also be charged a lower interest rate which means your monthly payments will be less.

Use our mortgage calculator above to work out your monthly mortgage repayments and for help searching the whole of the market for the best mortgage deal get in touch with our friendly and professional advisors here.