Mortgage Calculator UK
UK mortgage repayments in pounds, including interest-only and stamp duty estimates.
About Mortgage Calculator UK
A repayment mortgage gradually reduces the outstanding balance over the term: early payments are mostly interest, later ones mostly capital. An interest-only mortgage keeps payments lower but the full capital must be repaid at the end — typically via sale or a separate investment vehicle. Stamp Duty Land Tax (SDLT) is paid on completion; first-time buyers receive relief on properties up to £625,000, while additional-property purchasers pay a 3% surcharge.
Formulas
Monthly repayment payment
Monthly payment = Loan × r(1+r)^n / [(1+r)^n − 1]
- L
- Loan amount
- r
- Monthly interest rate
- n
- Total months
Interest-only monthly payment
Monthly payment = Loan × monthly rate
- L
- Loan amount
- r
- Monthly interest rate
Worked example
With the default values below, Mortgage Calculator UK returns Monthly Payment of £1,556.33. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Property Priceminimum 10,000 GBP
- 350,000 GBP
- Depositminimum 0 GBP
- 70,000 GBP
- Annual Interest Rate (%)accepts 0–30
- 4.5
- Mortgage Term (years)accepts 1–40
- 25
- Mortgage Typeone of Repayment (Capital & Interest), Interest-Only
- Repayment (Capital & Interest)
- Buyer Type (for Stamp Duty)one of Standard buyer, First-time buyer (England / N. Ireland), Additional property / Buy-to-let (+3%)
- Standard buyer
Results
- Monthly Payment
- £1,556.33
- Total Repaid
- £466,899.28
- Total Interest
- £186,899.28
- Loan Amount
- £280,000.00
- Loan to Value (LTV)
- 80.00%
- Stamp Duty (SDLT)England & N. Ireland 2024 rates. Scotland uses LBTT; Wales uses LTT.
- £5,000.00
- Total Upfront Cost (deposit + SDLT)
- £75,000.00
Step by step
- 1Property price= $350,000
- 2Loan amount (after deposit)= $280,000
- 3Loan to Value (LTV)= 80.00%
- 4Monthly payment (repayment)= $1,556.33
- 5Total interest= $186,899.28
- 6Stamp Duty Land Tax= $5,000Standard SDLT bands
Assumptions and limits
- The result is derived only from the 6 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take inflation, tax or fees or charges into account.
- Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
Frequently Asked Questions
What is Stamp Duty Land Tax (SDLT)?
SDLT is a tax on residential property purchases in England and Northern Ireland. Scotland has the Land and Buildings Transaction Tax (LBTT) and Wales has the Land Transaction Tax (LTT) — this calculator uses the England/N. Ireland SDLT bands. Rates increase in tiers: 0% on the first £250,000, 5% on £250k–£925k, and so on.
How does interest-only differ from repayment?
On a repayment mortgage you pay both interest and principal each month, owning the property outright at the end. On interest-only, you pay only the interest each month and the full loan must be repaid when the term ends — usually by selling the property. Interest-only has lower monthly payments but much higher total cost and requires a credible repayment strategy.
What LTV should I aim for?
Lenders typically offer their best rates at 60% LTV (40% deposit). Rates step up at 75%, 80%, 85%, and 90% LTV. Above 90% LTV, products are scarce and expensive, and you'll pay higher rates and potentially mortgage insurance. A 10% deposit (90% LTV) is the typical minimum for most mainstream lenders.
Does this calculator cover Scottish and Welsh mortgages?
The mortgage payment calculation applies anywhere. However the stamp duty estimate uses England/N. Ireland SDLT bands. In Scotland, enter your LBTT figure manually; in Wales, enter your LTT figure. The LBTT and LTT calculators on the respective Revenue Scotland and Welsh Revenue Authority sites provide exact figures.