TL;DR
What this mortgage calculator tells you
The calculator estimates a repayment mortgage payment from the property price, deposit, interest rate and term. It also shows the loan amount, LTV, total repayments and estimated interest.
It does not assess lender affordability or produce a mortgage offer. Income, commitments, credit profile, property type, fees and underwriting can change the options available.
Calculator / tool
Mortgage calculator
How the mortgage calculator works
The estimate uses a standard repayment-mortgage calculation, where each monthly payment contains interest and capital. Try more than one rate and term rather than treating a single result as a forecast.
- Property value and cash deposit set the loan amount.
- Interest rate changes the monthly payment and total interest.
- A longer term can reduce the payment but increase total interest.
- A larger deposit can reduce LTV and may improve product choice.
Monthly payment is not the same as affordability
A manageable-looking payment does not mean a lender will approve the loan. Lenders review verified income, household spending, credit commitments, dependants, the property and stress-tested future payments.
- Compare the result with essential household spending.
- Keep cash for tax, legal work, survey and moving costs.
- Allow for possible rate changes after a fixed period.
- Use an affordability review before making a binding commitment.
What the calculator does not include
The result excludes product fees, broker fees where applicable, valuation, survey, legal fees, insurance, taxes and changes in interest rates. It also assumes a capital-and-interest repayment mortgage and does not model an interest-only product.
Example mortgage calculation
For a £300,000 property with a £30,000 deposit, the loan is £270,000. At 4.5% over 25 years the calculator gives an indicative repayment, but the actual product and affordability assessment may differ.
- Property price
- £300,000
- Deposit
- £30,000 (10%)
- Mortgage
- £270,000
- Assumption
- 4.5% over 25 years
Frequently asked questions
Is this mortgage calculator a mortgage offer?
No. It is an illustrative calculation only. A lender must assess the applicants, supporting documents, credit profile and property before making an offer.
Why can lender affordability be different from this result?
This tool calculates a payment, while a lender assesses affordability. Income type, regular spending, credit commitments, dependants and lender-specific stress tests can increase or reduce the amount available.
Does the calculator include fees?
No. Product, valuation, legal, survey, insurance and broker fees where applicable are outside the result. Some mortgage fees can be added to a loan, but doing so normally means paying interest on them.
How does the mortgage term affect monthly payments?
A longer term normally lowers the monthly repayment because the balance is spread over more months. It can also increase the total interest paid and may be limited by age or lender criteria.
How does deposit size affect the mortgage?
A larger deposit reduces the loan and LTV. Lower LTV can open different products, but available rates and minimum deposits still depend on lender and property criteria.
Should I choose a shorter or longer mortgage term?
The right term balances an affordable payment with total interest and flexibility. Review the payment alongside your real budget and ask an adviser to compare suitable lender and product options.