Use this calculator to estimate your monthly mortgage payments and see how your mortgage debt changes over time. Enter your mortgage details below to get started.
years
1 to 40 years
%
Mortgage type
Fees to take out the mortgage
i
The Basic Mortgage Calculator helps you understand how much your mortgage will cost you each month and over the full term. It allows you to see how your mortgage debt will decrease over time and the total amount of interest you'll pay.
?
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:
📊
This is the amount you'll need to pay each month to repay your mortgage within the specified term. For a repayment mortgage, this includes both the capital repayment and interest. For an interest-only mortgage, this is just the interest payment.
This is the total amount you'll pay over the full term of your mortgage, including the original loan amount, all interest payments, and any fees you've added to the mortgage.
This chart shows how your mortgage debt decreases over the term of your mortgage. For a repayment mortgage, you'll see the debt gradually decrease to zero. For an interest-only mortgage, the debt remains constant until the end of the term.
This table provides a year-by-year breakdown of your remaining mortgage debt. It helps you understand how much of your mortgage you'll have paid off at different points in time.
🏠
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.
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.
!
In order to create these results, we have made the following assumptions:
© 2025 My Pay Calculator. All rights reserved.