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CoG Financial
Mortgage tools
Free UK mortgage calculator
Mortgage repayment calculator
Estimate your monthly mortgage repayments, compare different interest rates and see how regular overpayments could reduce the amount of interest you pay.
Instant estimates
Repayment & interest-only
Rate comparisons
Calculate your mortgage payments
Adjust the figures to compare possible monthly costs.
£
£
£
%
Use an example rate or a rate you have been quoted.
years
This calculator does not check mortgage eligibility or affordability. Lenders assess income, commitments, credit history, property details and their own lending criteria.
Estimated monthly payment
£1,170
per month
Mortgage amount
£200,000
Total interest over term
£150,755
Total paid including capital
£350,755
Estimated loan-to-value
Not entered
57%
capital
Mortgage capital
£200,000
Estimated interest
£150,755
How a different rate could change the payment
| Rate | Monthly payment | Difference |
|---|
See the possible impact of overpayments
£
Potential interest saved
£20,945
Potential term reduction
3 years 4 months
Figures are illustrative estimates only. They exclude fees, changes in interest rate, insurance and other costs. Interest-only mortgages require an acceptable repayment strategy and the mortgage balance remains outstanding at the end of the term unless it is repaid separately.
No credit checkUse the calculator without affecting your credit file.
Fast comparisonTest different rates, terms and mortgage amounts.
For purchases or remortgagesEstimate repayments for a new or existing mortgage.
How it works
How to use the mortgage repayment calculator
The calculator gives you an initial estimate. A mortgage adviser can then assess affordability, lender criteria and the complete cost of a suitable mortgage.
Adjust rate and term
Try different interest rates and mortgage terms to see how the estimated monthly payment changes.
Discuss your options
Send the figures into the general mortgage enquiry journey so an adviser can understand what you are looking to achieve.
Understanding the result
What affects your monthly mortgage repayment?
The payment shown is mainly affected by the amount borrowed, interest rate, mortgage term and repayment method. Fees and product features can also change the overall cost.
Mortgage amount
Borrowing more usually increases both the monthly payment and the total amount of interest paid.
Interest rate
A higher rate increases the interest charged. Test more than one rate to understand possible payment changes.
Mortgage term
A longer term can reduce the monthly payment but normally increases the total interest paid over the full term.
Fees and features
Arrangement fees, valuation costs, incentives, early repayment charges and other features affect the real cost.
Repayment methods
Repayment mortgage vs interest-only
The monthly figures can look very different, but so can the balance left at the end of the mortgage term.
Capital and interest repayment
Each monthly payment includes interest and an amount towards reducing the mortgage balance.
- The balance should reduce over the term when payments are maintained.
- The mortgage is intended to be repaid by the end of the agreed term.
- Payments are normally higher than an interest-only mortgage of the same amount and rate.
Interest-only mortgage
The regular monthly payment normally covers only the interest charged on the mortgage balance.
- The original mortgage capital remains outstanding unless separate payments reduce it.
- You need a credible and acceptable strategy to repay the balance.
- Interest-only availability and criteria vary between lenders and mortgage purposes.
Next steps
Explore more mortgage tools and guidance
A repayment estimate is only one part of planning a mortgage. These pages can help you explore affordability and the type of mortgage advice you may need.
Mortgage affordability calculator
Estimate how much you may be able to borrow using a more detailed affordability journey.
Use the calculator →Remortgage advice
Explore switching your current deal, changing lender or reviewing your mortgage options.
Explore remortgages →First-time buyer mortgages
Understand some of the key considerations when buying your first home.
First-time buyer guidance →Home mover mortgages
Review your mortgage when selling your current home and moving to a new property.
Home mover guidance →Common questions
Mortgage repayment calculator FAQs
How are mortgage repayments calculated?
For a capital and interest mortgage, the calculation estimates a level monthly payment designed to repay the original mortgage and the interest charged over the selected term. For interest-only, it estimates the monthly interest while leaving the capital balance outstanding.
Does a longer mortgage term reduce monthly payments?
Usually, spreading a repayment mortgage over a longer term reduces the monthly payment. However, you would normally pay interest for longer, which can increase the total amount paid.
What interest rate should I enter?
You can use a rate you have been quoted or enter a range of example rates. The rate available to you depends on your circumstances, loan-to-value, mortgage purpose, product fees and lender criteria.
Can I use this calculator for a remortgage?
Yes. Enter the mortgage balance you expect to have when remortgaging, the estimated new rate and the proposed term. Remember to consider product fees, early repayment charges and any additional borrowing.
How do mortgage overpayments help?
On a repayment mortgage, overpayments can reduce the outstanding balance sooner, which may reduce future interest and shorten the mortgage term. Check the lender’s overpayment allowance and any early repayment charge before making extra payments.
Is the calculator result a mortgage offer?
No. The result is an illustration, not advice, an affordability assessment or a mortgage offer. A lender will complete its own assessment and the actual payment can differ.
Ready to look beyond the estimate?
Complete the general mortgage enquiry form and give the team an overview of what you are looking to do. Your latest calculator figures will be carried into the enquiry link as tracking parameters.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.