Basic Mortgage Calculator

Enter the total amount you're borrowing for your mortgage in pounds (£).

Enter the length of your mortgage in years. This is typically between 5 and 40 years.

Choose between a repayment mortgage (where you pay off both the capital and interest) or an interest-only mortgage (where you only pay the interest and the capital is paid off at the end of the term).

Enter the annual interest rate for your mortgage as a percentage (%).

If you have any fees associated with taking out the mortgage, you can include them in the calculation. Toggle the switch to add fees and enter the amount.

Click the "Calculate" button to see your mortgage details. The results will show:

• Monthly Payment: How much you'll pay each month
• Total Repayment: The total amount you'll pay over the full term
• Debt Over Time: A chart showing how your mortgage debt decreases over time
• Remaining Debt Table: A year-by-year breakdown of your remaining mortgage debt

Repayment Mortgage

With a repayment mortgage, your monthly payments cover both the interest and a portion of the capital (the amount you borrowed). By the end of the mortgage term, you will have paid off the entire loan and will own your property outright.

Advantages: You'll be completely mortgage-free at the end of the term. Each payment reduces your debt.

Disadvantages: Monthly payments are higher than with an interest-only mortgage.

Interest-Only Mortgage

With an interest-only mortgage, your monthly payments only cover the interest on the loan. The capital amount remains the same throughout the term, and you'll need to pay it off in full at the end of the mortgage term.

Advantages: Lower monthly payments compared to a repayment mortgage.

Disadvantages: You'll need to have a separate plan to pay off the capital at the end of the term. You won't reduce your debt unless you make additional payments.