Mortgage Repayment Calculator

On a capital and repayment mortgage, each monthly payment covers the interest for that month plus a slice of the capital you borrowed. Early on, most of the payment is interest. As the balance falls, more of each payment goes towards clearing the capital, until the mortgage is repaid in full at the end of the term. This calculator uses your rate, balance and term to work out a level monthly payment across the whole term.

On capital and repayment your balance reduces each month and the mortgage clears by the end of the term. On interest only you pay just the interest and still owe the full amount at the end, so you need a separate repayment plan. Most residential mortgages are capital and repayment. If you are weighing up the two, speak to us and we will talk it through in plain English.

If you are on a fixed rate, your payment holds until the deal ends, then most lenders move you to their standard variable rate, which is usually higher. On a tracker or variable rate, your payment moves with interest rates. Start reviewing around six months before a fixed deal ends. Read more about remortgaging, compare a rate switch, or check live rates.

The figures are a close estimate based on a constant rate applied monthly. Your actual payments depend on the specific rate, fees and terms your lender offers, and will change if your rate changes. For a precise figure tailored to you, talk to our advisers and we will search the whole market on your behalf.

A longer term lowers the monthly payment but costs more interest overall; a shorter term costs more each month but clears the mortgage sooner. The right balance depends on what you can afford now and your longer term plans. We can help you find a term that fits your budget: get in touch.