Mortgage Calculator
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How does the Mortgage Calculator work?
⦿ Use Our Free Calculator Tool — Use Our Simple Calculator To Show You How Much You Could Borrow.
⦿ Our mortgage calculators are designed to help make things easier for you.
⦿ It will give you an idea of how much you could borrow and see how changes to your mortgage could affect your repayments.
⦿ Just enter some information about your current income, regular outgoings and where you’re up to in your mortgage journey.
Mortgage Calculator
| Deposit Amount | £0.00 |
|---|---|
| Stamp Duty | £0.00 |
| Loan Amount | £0.00 |
| Monthly Payment | £0.00 |
| Total Interest Payable | £0.00 |
Buying a home may be the biggest single commitment you ever make, so it pays to know – to the pound – what a mortgage will cost each month and over the life of the loan. A mortgage calculator does that heavy lifting for you. Below is a quick-start guide that mirrors the structure of the tax explainer you showed me, but swaps self-employment levies for bricks-and-mortar numbers.
What exactly does a “mortgage calculator” do?
Feed it a handful of variables – loan amount, term, interest rate and repayment type – and it crunches:
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Monthly repayment
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Total interest charged over the full term
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Outstanding balance after any point in time
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Loan-to-value (LTV) based on the deposit you plug in
Some versions also model over-payments, lump-sum reductions and rate changes (handy when a fixed deal ends).
The five inputs you’ll need
| Field | Why it matters | Typical range* |
|---|---|---|
| Property price | Sets the headline cost | £150k – £1 m+ |
| Deposit | Determines LTV and therefore pricing | 5 % – 40 % of price |
| Mortgage term | More years = lower payment but higher total interest | 10 – 40 yrs (25 yrs is the UK norm) |
| Interest rate | Drives the cost of borrowing; fixed or variable | 3 % – 8 % (Aug 2025 deals) |
| Repayment type | Capital-and-interest clears debt; interest-only does not | 99 % of residential loans are repayment |
* Ranges based on mainstream UK high-street lenders as of 8 August 2025. Deals, fees and criteria change constantly – always check today’s rates.
How repayments stack up
Below is a quick illustration for a £200,000 repayment mortgage over 25 years. The calculator uses the annuity formula HM Treasury expects lenders to quote:
| Annual rate | Monthly payment | Total repaid | Total interest |
|---|---|---|---|
| 3 % | £948 | £284,427 | £84,427 |
| 4 % | £1,056 | £316,702 | £116,702 |
| 5 % | £1,169 | £350,725 | £150,725 |
| 6 % | £1,289 | £386,580 | £186,580 |
| 7 % | £1,414 | £424,356 | £224,356 |
| 8 % | £1,544 | £464,146 | £264,146 |
Notice how every extra percentage point adds roughly £110 – £130 to the monthly bill and tens of thousands to the lifetime cost. Use the over-payment feature to see how shaving even £50 a month can lop years and interest off the schedule.
Fees the calculator should let you add
| Charge | Typical amount | When it bites |
|---|---|---|
| Product / arrangement fee | £0 – £2,000 | Added to loan or paid upfront |
| Valuation & survey | £300 – £1,500 | At application |
| Conveyancing | £800 – £1,800 | On completion |
| Stamp Duty (SDLT) | 0 % – 12 % banded | On completion |
| Buildings insurance | £150 – £300 / yr | From exchange |
| Early-Repayment Charge (ERC) | 1 % – 5 % of balance | If you exit a fixed or tracker early |
Most calculators ignore SDLT and legal costs; add them manually so you’re not blindsided.
Stress-testing and affordability
Lenders currently “stress” your application at +3 % above the revert or product rate and assume household spending benchmarks (the ONS “living costs” tables). If your chosen calculator has an affordability toggle, it will flag any shortfall before you waste a credit search.
Over-payments & offsets
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Regular over-payment – Pay, say, £100 extra each month; the calculator should recast the term or interest saved.
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Lump-sum reduction – Drop in a bonus or inheritance and see the balance jump down.
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Offset – Link your savings to your mortgage and pay interest only on the net balance; great for higher-rate taxpayers.
Record-keeping & key dates
| Task | Deadline |
|---|---|
| Secure an Agreement in Principle (AIP) | Before house-hunting |
| Submit full application | Usually valid for 30–90 days |
| Review fixed deal expiry | At least 6 months before the end date |
| File buildings-insurance renewal | Annually – your lender will insist it stays in force |
Can’t keep up?
Contact your lender before you miss a payment. Most offer:
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Temporary switch to interest-only
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Term extension
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Formal payment holiday under Mortgage Charter rules (up to 12 months if criteria met)
Missing even one instalment dents your credit score and may trigger repossession proceedings after six months.
Legit ways to cut your mortgage bill
| Strategy | Effect |
|---|---|
| Bigger deposit (lower LTV) | Unlocks cheaper rates – every 5 % band helps |
| Shorter fixed term | Two-year fixes carry lower margins than five-year – but you’ll face repricing sooner |
| Offset mortgage | Savings “earn” the mortgage rate tax-free |
| Make regular over-payments | Reduces capital faster; most lenders allow 10 % of balance p.a. fee-free |
Bottom line
Treat your mortgage calculator like a financial sat-nav: it shows the route, the distance and the tolls, but you still decide the journey. Input realistic figures, rerun the numbers when rates move, and set a reminder six months before any fixed period ends so you never roll onto a pricey Standard Variable Rate. A few minutes with the calculator today can save thousands – and a lot of sleepless nights – tomorrow.
