Mortgage calculator 2026
Enter the loan amount, interest rate and term to see your monthly payment, total interest and amortisation schedule.
Monthly payment: £1,363.53
Total paid: £490,867.20 · Total interest: £240,867.20
Amortisation schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | £12,766.05 | £3,596.31 | £246,403.69 |
| 2 | £12,576.79 | £3,785.57 | £242,618.12 |
| 3 | £12,377.56 | £3,984.80 | £238,633.32 |
| 4 | £12,167.86 | £4,194.50 | £234,438.82 |
| 5 | £11,947.10 | £4,415.26 | £230,023.56 |
| 6 | £11,714.74 | £4,647.62 | £225,375.94 |
| 7 | £11,470.13 | £4,892.23 | £220,483.71 |
| 8 | £11,212.69 | £5,149.67 | £215,334.04 |
| 9 | £10,941.66 | £5,420.70 | £209,913.34 |
| 10 | £10,656.37 | £5,705.99 | £204,207.35 |
| … | |||
| 30 | £446.43 | £15,912.33 | £0.00 |
Bank rate comparison — Market average: 5.14 % (2026-07-10)
This calculation is indicative only. The market average is a snapshot as of the date shown and doesn't account for ERCs or individual creditworthiness. It does not replace a binding lender offer.
How a UK mortgage payment is calculated
A mortgage is repaid on a repayment (annuity) basis — the monthly payment stays the same throughout the fixed-rate period, only the split between interest and capital changes. Early on, interest makes up most of the payment; over time the balance shifts toward capital repayment.
The payment M is M = P × i / (1 − (1 + i)⁻ⁿ), where P is the loan amount, i is the monthly rate (annual rate / 12) and n is the number of payments (years × 12).
Total interest is the difference between the sum of all payments and the original loan amount — a longer term lowers the monthly payment but significantly raises total interest paid.
UK lenders don't publish a single unified rate table — the calculator therefore shows market-average rates by fixed period (2-year and 5-year fixes).
Examples: loan amount → monthly payment (default rate, 30 years)
| Loan amount | Monthly payment |
|---|---|
| £150,000.00 | £818.12 |
| £200,000.00 | £1,090.82 |
| £250,000.00 | £1,363.53 |
| £300,000.00 | £1,636.23 |
| £400,000.00 | £2,181.64 |
| £500,000.00 | £2,727.05 |
Frequently asked questions
How is the monthly mortgage payment calculated?
On a repayment basis, using M = P × i / (1 − (1+i)⁻ⁿ). The payment stays constant; only the interest/capital split within it changes.
What is total interest?
The difference between the sum of all payments over the full term and the original loan amount.
Fixed or tracker rate — which is typical in the UK?
A 2-year or 5-year fix is typical. After it ends, you move onto the lender's standard variable rate (SVR) unless you remortgage.
What is an ERC (Early Repayment Charge)?
A fee for repaying early during the fixed-rate period — common on most UK fixed-rate mortgages.
How much can I borrow on my income?
That's answered by the separate mortgage affordability calculator, applying the LTI multiple (4.5–5.5×) and LTV.
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Last updated: 18 July 2026