Mortgage Repayment Calculator — Free Mortgage Calculator UK

Our free mortgage repayment calculator works out your exact monthly mortgage payment, total interest payable, and a full annual amortisation schedule — covering UK, USA, Canada, and Europe. Whether you want to calculate monthly mortgage payments, check your mortgage cost, compare rates, or use it as a home loan calculator, this tool covers all mortgage types including repayment, interest-only, fixed, and offset. The most comprehensive free online mortgage calculator — no sign-up needed.

📍 Step 1 — Select Your Region

Average mortgage rate for this region:
4.85% Rates are indicative averages. Your actual rate may vary.

🏦 Step 2 — Mortgage Type

🏠 Repayment

Capital + interest
Balance clears at end

💸 Interest Only

Pay interest only
Capital due at end

🔒 Fixed Rate

Rate locked in
for fixed period

Fixed period:

📊 Variable Rate

Rate can change
follows base rate

📈 Tracker

Tracks central bank
base rate ± margin

⚖️ Offset

Savings reduce
interest charged

Savings offset:

🔀 ARM / 5-1

Fixed then adjusts
annually (USA/Canada)

🏷️ Discount

Discount off SVR
for set period

⚠️ Interest-only reminder: Your monthly payment covers interest only. The full loan balance of will be due as a lump sum at the end of the term. Make sure you have a repayment strategy in place.

📋 Step 3 — Property & Loan Details

Property Price

Deposit / Down Payment

Loan Amount

—

Interest Rate (%)

% p.a.

Auto-set to regional average · editable

Mortgage Term

years months

Start Date (optional) For payoff date calculation

Monthly Overpayment

Extra amount paid each month

Arrangement Fee

Added to loan or paid upfront

Fee — Add to Loan?

📊 Mortgage Summary

Monthly Payment—

Loan Amount—

Total Repaid—

Total Interest—

Interest %—

Payoff Date—

Property Price—

Deposit—

LTV Ratio—

Mortgage Type—

Interest Rate—

Term—

Principal Interest

Loan-to-Value0%

📅 Payment Breakdown

Year 1 Interest

—

Year 1 Principal

—

Balance After Year 1

—

Balance at Midpoint

—

Equity at Year 5

—

Equity at Year 10

—

📈 Annual Amortisation Schedule

Year-by-year breakdown of principal, interest and remaining balance

Year	Principal Paid	Interest Paid	Total Paid	Remaining Balance	% Paid Off

❓ Frequently Asked Questions

How is a mortgage monthly payment calculated? ▼

For a repayment mortgage: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. The calculator handles all mortgage types including interest-only, offset, and ARM.

What is LTV (Loan-to-Value) and why does it matter? ▼

LTV is the mortgage amount divided by the property value, expressed as a percentage. A £200,000 mortgage on a £250,000 property = 80% LTV. Lenders offer better rates at lower LTVs (typically below 75–80%), and LTV above 90–95% often requires mortgage insurance or is refused entirely.

What is the difference between a fixed-rate and variable-rate mortgage? ▼

A fixed-rate mortgage locks your interest rate for a set period (typically 2, 3, or 5 years), giving payment certainty. A variable-rate mortgage can move up or down with the lender's standard variable rate (SVR), meaning your payments can change at any time.

How much does an overpayment save? ▼

Even small monthly overpayments significantly reduce total interest and can shorten your term by years. The calculator shows exactly how much interest you save and how many months earlier you'd pay off the mortgage when you enter a monthly overpayment amount.

What is the average mortgage rate in the UK in 2025? ▼

Average 2-year fixed rates in the UK were around 4.5–5% in early 2025, and 5-year fixed rates around 4.3–4.8%, depending on LTV. The calculator auto-fills regional average rates but you can edit these to match your personal quote.