Use this free, quick mortgage calculator to calculate your monthly payments for repayment or interest only loans against home or commercial properties.
So you can see affordability we have included a range of interest rates at 12%, 10%, 8%, and 6% to see how your repayment could change if interest rates increase.
Calculate Your Mortgage Repayments Now!
Simply enter your data in the "input" section for the total amount of borrowing you are seeking, the term of the loan and the estimated interest rate you're paying. Then hit "Calculate Results".
You'll see the value for the interest rate you have entered then four additional scenarios for different rates. Try it now. Press "Start Again" to clear all values or alternatively simply update the numbers you have entered, and it will automatically recalculate the data for you!
The information is only a guide, and your lender or broker will be able to provide you with precise figures in their illustration pack. Remember that these numbers are only for paying off your debt over the term you entered. These figures do not include any other fees that your lender may charge such as early redemption penalties or acceptance costs.
Your results may help determine the overall affordability of taking an additional commitment. Your bank or building society can assist with their lending criteria and status of any application. Different loan to value (LTV) rates are dependent on whether you're a buy to let, remortgage or first-time buyer applicant.
Types of Mortgages Available
Capital Repayment With Interest
A repayment mortgage is one where the monthly payment to your lender covers the interest incurred in the preceding month and also an element to repay the actual loan. As the loan decreases, the amount taken from each payment for interest also increases. Towards the end of the loan, the interest is a smaller proportion of your payment until it's paid off in full.
An interest only mortgage is one where there are no capital repayments, and you're only paying interest on the loan. If you continue with this type of loan, your outstanding balance will never reduce. Normally people take out other means to pay off the loan such as an ISA, a with-profits policy or some other form of investment.
An offset product pools together your other bank account balances to reduce the amount of interest charged. Usually, the base rate used is higher than other standard products. You can opt for capital repayment or interest only with some lenders.
Variable, Tracker and Discount Rates
These products track either the Bank of England (BOE) base rate or the lender's proprietary base rate. As these are variable in nature, the rates increase if the BOE increase the base rate.
Take Financial Advice
This calculator is for information purposes only and does not constitute financial advice as defined by the Financial Conduct Authority (FCA).