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Mortgage Repayment Calculator

How much will my mortgage cost?

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  • Monthly repayment

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Revolution Brokers Mortgage Repayment Calculator

Working out how much your mortgage repayments will be each month can seem complicated! Use our Mortgage Repayment Calculator to make it simple to understand and compare costs.

Our calculator works for:

First-time buyers
Home movers
Remortgages
Standard mortgages
Interest-only mortgages
Buy-to-let mortgages

Using the mortgage repayment calculator

To calculate how much your mortgage will cost per month, let us know what amount you wish to borrow, for how long, and what interest rate you have been quoted or are expecting to pay.

The tool can also help calculate the monthly costs of an interest-only mortgage. However, it is worth noting that this type of mortgage is unusual for first-time buyers.

How to use a mortgage calculator without knowing the interest rate?

You might not yet be sure what sort of mortgage to apply for, so our repayment calculator can help you to compare different rates.

We provide three example interest rates to use if you aren't sure what rate you might be paying. These example rates are typical interest charges for fixed-terms of two, three and five years. 

The length of your mortgage term makes a massive difference to your repayments! For example, a mortgage that spans 25 or even 40+ years will be much cheaper per month, but in the long term will cost significantly more.

Comparing interest-only vs. repayment mortgages

As you may know, there are two main categories of mortgage - these are interest only, and repayment.

Most first-time buyers are more likely to secure a repayment mortgage unless you have the backing of another asset to leverage against your purchase.

Repayment mortgages mean:

Every month your payment includes an element of capital repayment against the interest charged.
The total owed - the principal debt - comes down a little every month.
At the end of your mortgage term, say 25 years, you will have repaid everything you borrowed and have nothing further to pay.

Interest-only mortgages mean:

Each month you pay only the interest owing on the original mortgage amount.
Your monthly payments will cost much less, but you are not paying back any of the original loan.
The interest charged, and the overall debt does not decrease over time.

Our mortgage repayment calculator can help you compare both types of mortgage, and understand what the long term costs are likely to be.

Calculating buy-to-let mortgage payments

Landlords tend to use buy-to-let mortgages as the most efficient way to purchase investment properties to let out. Buy-to-let mortgages are interest-only and keep the monthly cost down.

However, there needs to be some sort of repayment vehicle - a plan in place - to be able to repay the original loan value at the end of the mortgage term.

The plan to repay often means selling the property, or another investment property, to raise funds to repay the lending. It could also rely on a different sort of asset, such as an investment.

Our Revolution repayment calculator can be used to help calculate your monthly costs - however, if you are using our example rates bear in mind that buy-to-let mortgages typically charge a higher rate of interest than a residential mortgage.

Understanding your monthly mortgage payments

The below table is indicative of what you might expect to pay per month on a mortgage with a fixed rate of interest for the first two years.

These calculations use an 85% loan-to-value ratio (LTV), which means paying a 15% deposit and borrowing through a mortgage for the remaining 85% cost.

Amount borrowed

Example interest %

Length of mortgage term

Monthly repayment

£100k

1.7%

25 years

£409

£150k

1.7%

25 years

£614

£200k

1.7%

25 years

£819

£250k

1.7%

25 years

£1,024

£300k

1.7%

25 years

£1,228

£350k

1.7%

25 years

£1,443

£400k

1.7%

25 years

£1,638

What is mortgage payment protection?

Mortgage payment protection insurance (MPPI) is a type of insurance coverage that will provide for the cost of your monthly mortgage repayments if you become unwell, or are unable to pay your mortgage due to unemployment.

Most MPPI policies will cover your mortgage payments for up to two years.

It is always worth speaking to a specialist mortgage broker or advisor if you would like to take out MPPI. There are multiple products on the market with different pros and cons, and alternative insurances such as income protection insurance that might be more suitable for your circumstances.

If you would like professional support understanding your mortgage costs, comparing products, or advice about the best type of insurance for your needs, give Revolution Brokers a call on 0330 304 3040.

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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