Gauging the approximate cost of your monthly repayments using our mortgage calculator is easy. First, simply input in the total amount that you think you’ll need to borrow and detail how many years you would like the loan over – normally for new mortgages for first-time buyers this will be around 25 years, however more lenders are now happy to offer mortgages over periods of up to 40 years.
Next, you need to specify the interest rate in order to calculate your monthly mortgage repayments. If you have no idea of the mortgage interest rate, you can always take a look at our mortgage comparison charts to get an idea of the deals currently available for your needs and circumstances.
Finally, our mortgage repayments calculator will need to know what type of loan repayment you need: capital and interest or interest only. Don’t panic if you aren’t sure. Simply put, capital and interest repayments mean that each month you pay off a proportion of the sum borrowed plus interest, while interest only means that you are just paying off the monthly interest on your loan without ever repaying the sum you’ve borrowed. To find out more about the different types of mortgage repayment options – and those that may be suitable for you – check out our handy guide: Repayment and interest-only mortgages explained.
Once you’ve filled in the required information on our residential mortgage repayment calculator, simply click the ‘Calculate’ button to see how much you might be expected to pay on a monthly basis.
Of course, your repayments can be influenced by many factors, including what type of mortgage you opt for, your mortgage needs – such as whether you are looking to simply move home or if you are a first-time buyer – as well as the Bank of England base rate.
It's also important to note that monthly repayments in variable and tracker mortgages can change depending on the interest rates being charged by your mortgage provider.