Mortgage Calculator
Get a quick idea of what your monthly mortgage payments could look like. Adjust the figures below to suit your situation, then speak to one of our advisers for a personalised illustration.
Estimated monthly payment
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- Loan amount
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- Loan to value
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- Total interest
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- Total repayable
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These figures are illustrations only and are not a mortgage offer or personal advice. They assume the rate stays the same for the whole term and do not include lender fees, product fees or other costs, which will affect what you pay. The rate you are offered will depend on your circumstances and the lender's criteria. With an interest-only mortgage the loan itself is still owed at the end of the term, so you will need a plan to repay it. Your home may be repossessed if you do not keep up repayments on your mortgage.
How the two repayment types work
Repayment (capital and interest)
Your monthly payment covers both the interest and a slice of the amount you borrowed, so the balance falls over time. In the early years most of the payment is interest, so the capital reduces slowly at first. Provided every payment is made on time and in full, the mortgage is cleared by the end of the term.
Interest only
You pay only the interest each month, so the monthly cost is lower but the amount borrowed is still owed in full at the end of the term. You will need a separate plan or investment in place to repay it, and lenders will want to see what that plan is before they lend.
Which one suits you depends on your income, your plans for the property and what lenders will accept in your circumstances. That is the sort of thing we work through with you, and it costs nothing to ask.