What Is a Mortgage Calculator?

A mortgage calculator helps you estimate your monthly repayments, total interest, and total loan cost based on your mortgage amount, interest rate, and loan term. It’s an essential tool for anyone planning to buy a home or remortgage.

Why Use Our Mortgage Calculator?

Our free mortgage calculator gives you fast, accurate estimates to help you budget for your home. You can also enter an optional monthly overpayment to see how much interest you could save and how much faster you'd repay your loan.

Example Scenario

If you borrow £130,000 at 4.5% over 25 years, your monthly mortgage payment will be around £720. But if you overpay by £200 each month, you could save over £30,000 in interest and repay the mortgage 7 years early.

Frequently Asked Questions

What is included in my mortgage payment? Your monthly payment includes both the loan interest and a portion of the principal.

What happens if I overpay? Overpaying reduces the balance quicker, saving interest and shortening your mortgage term.

Can I use this calculator for remortgaging? Yes, this calculator works for new mortgages and remortgages. Just enter your current balance, interest rate, and remaining term.