1001 Pro Calculators and Tools · Mortgage & property
Mortgage calculator: monthly repayments
Put in what you are borrowing, the interest rate and the term. It works out the monthly repayment, and what the mortgage costs in total.
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This is a repayment mortgage: each monthly payment covers that month's interest and pays off some of the loan, so the balance reaches zero at the end of the term. The rate is taken as fixed for the whole term.
A longer term lowers the monthly payment but raises the total interest. Fees, insurance and a change of rate after a fixed deal ends are not included.
In the app
- Compare two or more mortgages side by side
- Overpayments, and how much sooner you are mortgage-free
- How much you could borrow, and the tax on buying a property
- The step-by-step working behind every answer
Questions people ask
How is a monthly mortgage payment worked out?
With the standard repayment formula: the loan times the monthly rate times (1 + rate) to the power of the number of payments, divided by that power minus 1.
Does a longer mortgage cost more?
Yes. Spreading the loan over more years lowers each payment, but you pay interest for longer, so the total is higher.