Your mortgage details
This calculator provides an estimate only. Actual mortgage costs may differ because of fees, product terms, rate changes, insurance, taxes and lender criteria.
How mortgage repayments are calculated
A repayment mortgage normally uses a standard amortisation formula. Each payment covers interest and gradually reduces the amount borrowed.
Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Where P is the mortgage amount, r is the monthly interest rate, and n is the number of monthly payments.
What is loan-to-value (LTV)?
LTV compares the mortgage amount with the property's price. For example, if a property costs £300,000 and you put down a £60,000 deposit, the mortgage is £240,000 and the LTV is 80%.
Worked example
For a £300,000 property with a £60,000 deposit, a 4.5% annual interest rate and a 25-year term, the calculator estimates the monthly repayment as well as the total interest paid over the full term.
Frequently asked questions
Does this include mortgage fees?
No. Arrangement fees, valuation fees, legal costs, insurance, taxes and other charges are not included.
Does this work for variable-rate mortgages?
It gives an estimate using the rate you enter. If the interest rate changes later, the actual repayments can change.
What happens if my deposit is larger?
A larger deposit reduces the mortgage amount and usually lowers the monthly repayment and LTV, assuming the rate and term stay the same.