Mortgage Repayment Calculator
Enter how much you are borrowing, the interest rate and the term to see your monthly repayment, the total you will pay and the interest cost — with an interest-only comparison.
How it works
Repayment mortgages use the amortising formula: each payment covers that month's interest plus some capital, so the balance falls and the interest share shrinks over time. £200,000 at 4.5% over 25 years costs about £1,112 a month.
Interest-only: monthly cost = loan × rate ÷ 12 (£750 on the same example) but the full £200,000 remains due at the end — lenders require a credible repayment plan.
Rates are fixed only for the deal period (2, 5, 10 years); after that you move to the lender's standard variable rate unless you remortgage. Overpaying (typically up to 10% a year penalty-free) shortens the term dramatically.
FAQ
How much are repayments on a £200,000 mortgage?
At 4.5% over 25 years, about £1,112 a month on repayment — £333,000 in total, of which £133,000 is interest. Over 30 years the monthly drops to about £1,013 but total interest rises to £165,000. Enter your own figures above for exact numbers.
Should I pick a shorter or longer mortgage term?
Shorter terms cost more monthly but save enormous interest: £200,000 at 4.5% costs £133,000 interest over 25 years versus £77,000 over 15. Longer terms buy monthly headroom at a steep lifetime price. Many lenders let you overpay ~10% a year, letting you shorten the term flexibly without committing.
What happens when my fixed rate ends?
You roll onto the lender's standard variable rate — usually far higher. Remortgaging to a new deal 3-6 months before the fix ends is standard practice; rate changes of even 1% move the payment on a £200,000 loan by roughly £110 a month. Recalculate here with candidate rates before choosing.