£340,000 Mortgage Repayments (2026)
A £340,000 repayment mortgage at 5% over 25 years costs £1,988 a month. The table below covers rates from 3.5% to 6% and terms from 15 to 35 years.
| Rate | 15 yrs | 20 yrs | 25 yrs | 30 yrs | 35 yrs |
|---|---|---|---|---|---|
| 3.5% | £2,431 | £1,972 | £1,702 | £1,527 | £1,405 |
| 4% | £2,515 | £2,060 | £1,795 | £1,623 | £1,505 |
| 4.5% | £2,601 | £2,151 | £1,890 | £1,723 | £1,609 |
| 5% | £2,689 | £2,244 | £1,988 | £1,825 | £1,716 |
| 5.5% | £2,778 | £2,339 | £2,088 | £1,930 | £1,826 |
| 6% | £2,869 | £2,436 | £2,191 | £2,038 | £1,939 |
Different amount or rate? Use the mortgage repayment calculator.
How it's worked out
Figures use the standard repayment-mortgage formula (capital and interest, equal monthly payments): payment = loan × monthly rate ÷ (1 − (1 + monthly rate)−months). They assume the rate stays the same for the whole term — in practice you'll re-fix every few years. Product fees, valuation fees and overpayments are not included.
FAQ
What are the monthly repayments on a £340,000 mortgage?
At a 5% interest rate over 25 years, a £340,000 repayment mortgage costs £1,988 a month — £596,282 repaid in total over the term. At 4% the same mortgage is £1,795 a month, and stretching to 30 years at 5% lowers the payment to £1,825.
How does the term length change the cost?
Longer terms cut the monthly payment but increase the total interest dramatically. On £340,000 at 5%, a 15-year term costs £2,689 a month (£483,966 total), while a 35-year term costs £1,716 a month but £720,694 in total — the longer term repays far more interest for the same loan.
Are these figures exact quotes?
No — they are standard repayment-mortgage arithmetic (capital and interest, fixed rate for the whole term) to help you budget. A real offer depends on your deal period, fees, loan-to-value and credit profile, and rates change when a fixed deal ends. Interest-only mortgages cost less per month but repay none of the capital.