Mortgage Repayment Calculator
Calculate monthly mortgage payments, total interest, and see the impact of overpayments.
Year-by-Year Breakdown
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | £15,007.48 | £10,023.03 | £4,984.45 | £220,015.55 |
| 2 | £15,007.48 | £9,794.04 | £5,213.43 | £214,802.12 |
| 3 | £15,007.48 | £9,554.54 | £5,452.94 | £209,349.18 |
| 4 | £15,007.48 | £9,304.03 | £5,703.44 | £203,645.74 |
| 5 | £15,007.48 | £9,042.02 | £5,965.46 | £197,680.28 |
| 6 | £15,007.48 | £8,767.97 | £6,239.51 | £191,440.77 |
| 7 | £15,007.48 | £8,481.32 | £6,526.15 | £184,914.62 |
| 8 | £15,007.48 | £8,181.51 | £6,825.96 | £178,088.66 |
| 9 | £15,007.48 | £7,867.93 | £7,139.55 | £170,949.11 |
| 10 | £15,007.48 | £7,539.94 | £7,467.54 | £163,481.57 |
Showing first 10 of 25 years
Balance Over Time
How UK mortgage repayments work
With a capital repayment mortgage, each monthly payment covers both interest and a portion of the loan principal. Early payments are mostly interest, but over time more goes toward reducing the balance. By the end of the term, the mortgage is fully paid off.
Interest-only vs capital repayment
An interest-only mortgage means you only pay the interest each month, and the loan balance stays the same throughout the term. You need a separate plan (savings, investments, or selling the property) to clear the capital at the end. Capital repayment mortgages cost more each month but guarantee the debt is cleared.
The power of overpayments
Even small monthly overpayments can save thousands in interest and shorten your term. Most UK lenders allow overpayments of up to 10% of the outstanding balance per year without an early repayment charge. Use this calculator to see how much time and money you could save.
How to use the mortgage calculator
- Enter the property price and your deposit, or the loan amount directly.
- Enter the interest rate and the term in years.
- Choose repayment or interest-only.
- Add an optional monthly overpayment to see the time and interest saved.
Frequently asked questions
How much deposit do I need?
Most UK lenders want at least 5% of the property price. A deposit of 10% to 25% unlocks lower interest rates, because the loan is a smaller share of the property value. For worked examples and how to save, read how much deposit you need to buy a house in the UK.
What does LTV mean?
Loan to value (LTV) is the loan as a percentage of the property price. A £270,000 loan on a £300,000 home is 90% LTV. A bigger deposit means a lower LTV and usually a better rate.
Can I pay my mortgage off early?
Usually yes. Most lenders let you overpay up to 10% of the balance each year with no early repayment charge. Larger overpayments may incur a fee during a fixed-rate deal.
Buying soon? Check the upfront tax with the Stamp Duty Calculator, read how much stamp duty you will pay, see how a deposit grows with the Compound Interest Calculator, or browse all financial tools.