UK Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and affordability. Free, accurate, and easy to use.
Calculate Your Mortgage
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How to Use This UK Mortgage Calculator
1. Enter Property Details
Start by entering the property price you're considering. This is the total purchase price of the home you want to buy.
2. Add Your Deposit
Enter how much deposit you have saved. Most UK lenders require at least 5-10% deposit, but a larger deposit (15-20%) typically gets you better interest rates.
3. Set Interest Rate
Enter the interest rate quoted by your lender. As of 2025, typical UK mortgage rates range from 4.5% to 6.5% depending on your deposit size and credit score.
4. Choose Mortgage Term
Select how many years you want to repay the mortgage over. The most common term in the UK is 25 years, but you can choose anywhere from 5 to 40 years.
Understanding UK Mortgage Types
Repayment Mortgage: You pay back both the loan amount (capital) and the interest each month. By the end of the term, you'll own your home outright.
Interest-Only Mortgage: You only pay the interest each month. The loan amount stays the same, and you'll need to repay it at the end of the term through savings, investments, or selling the property.
Frequently Asked Questions
How much deposit do I need for a UK mortgage?
Most UK lenders require a minimum deposit of 5-10% of the property price. However, a larger deposit (15-20% or more) typically qualifies you for better interest rates and more mortgage deals. First-time buyers may be eligible for government schemes that reduce the deposit requirement.
What is Loan to Value (LTV)?
Loan to Value (LTV) is the percentage of the property value you're borrowing. For example, if you're buying a £300,000 property with a £60,000 deposit, you're borrowing £240,000, which is an 80% LTV. Lower LTV ratios typically qualify for better interest rates.
How is stamp duty calculated?
Stamp Duty Land Tax (SDLT) is charged on property purchases in England and Northern Ireland. The rates are tiered: 0% on the first £250,000 (£425,000 for first-time buyers), 5% on £250,001-£925,000, 10% on £925,001-£1.5m, and 12% above £1.5m. Our calculator provides an estimate based on standard rates.
Can I afford this mortgage?
UK lenders typically allow you to borrow 4-4.5 times your annual income. They'll also assess your monthly outgoings and existing debts. As a general rule, your monthly mortgage payment shouldn't exceed 30-35% of your gross monthly income.
What's the difference between fixed and variable rate mortgages?
A fixed-rate mortgage keeps the same interest rate for a set period (typically 2, 3, 5, or 10 years), giving you predictable monthly payments. A variable-rate mortgage can change, usually tracking the Bank of England base rate or the lender's standard variable rate (SVR). Fixed rates provide certainty, while variable rates might be lower initially but carry more risk.
Should I choose a 25-year or 30-year mortgage term?
A shorter term (25 years) means higher monthly payments but less total interest paid over the life of the mortgage. A longer term (30 years) reduces monthly payments but increases the total interest cost. Choose based on your monthly budget and long-term financial goals.
Ready to Get a Mortgage Quote?
Now that you know your estimated monthly payments, speak to a mortgage broker or lender to get personalized quotes and find the best deal for your circumstances.