UK Mortgage Calculator
Calculate your monthly mortgage payments
Last updated: January 2025
Mortgage Calculator
Calculate your monthly mortgage payments
£
£
years
%
Results
Monthly Payment
£1,694.08
Loan Amount
£280,000
Total Interest
£228,224
Total Payment
£508,224
How It Works
Monthly Payment: Calculated using the standard mortgage formula with principal and interest
Loan Amount: Home price minus your deposit
Total Interest: Total interest paid over the life of the loan
Total Payment: All payments made over the loan term
UK Mortgage Information
Mortgage Types
- Fixed Rate: Interest rate fixed for 2-10 years
- Variable Rate: Rate can change with market conditions
- Tracker: Follows Bank of England base rate
- Discount: Discount off lender's standard variable rate
- Interest Only: Pay only interest, repay capital at end
First-Time Buyer Schemes
- Help to Buy Equity Loan (ending March 2023)
- Shared Ownership schemes
- First Homes scheme (30-50% discount)
- Right to Buy (council house purchases)
- Lifetime ISA (25% government bonus)
- 95% LTV mortgages with government guarantee
Affordability Factors
- Income multiples (typically 4.5x salary)
- Debt-to-income ratio
- Monthly affordability stress tests
- Credit score and history
- Employment stability
- Other financial commitments
Additional Costs
- Stamp Duty Land Tax (varies by value/buyer type)
- Solicitor/conveyancing fees (£800-£2,500)
- Survey costs (£300-£1,500)
- Mortgage arrangement fees (£0-£2,000)
- Building insurance (required)
- Life insurance (recommended)