Mortgage Repayment Calculator
Enter how much you are borrowing, the interest rate and the term, and this spreadsheet works out your monthly repayment and the full repayment schedule: every month's interest, the capital repaid and the balance left.
Add a monthly overpayment to see how much sooner you could be mortgage-free and how much interest you would save. It also works for personal loans and car finance with a fixed rate.
What's included
- Monthly repayment for a capital repayment mortgage
- Full schedule with interest, capital and outstanding balance for up to 40 years
- Overpayment field that shows your new mortgage-free date and interest saved
- Option for equal capital repayments
- Summary of total interest, total repaid and the final payment date
How to use it
- Enter the amount borrowed and your interest rate.
- Set the term in years and the date of your first repayment.
- Leave the repayment type on capital repayment for a standard mortgage.
- Try a monthly overpayment and watch the mortgage-free date move.
- When your fixed deal ends, update the rate to see your new repayment.
Making the most of your mortgage
Most UK mortgages are fixed for two or five years, then move to the lender's standard variable rate. Put a reminder in your diary a few months before the deal ends so you can remortgage in time.
Overpaying early has the biggest effect, because it reduces the balance that interest is charged on for the rest of the term. Most lenders let you overpay up to 10% of the balance each year without an early repayment charge, but check your mortgage offer.
If you have savings earning less than your mortgage rate after tax, overpaying is often a good use of the money. Keep an emergency fund first.
Frequently asked questions
Is the mortgage calculator free?
Yes. Download it and use it as often as you like, with no sign-up.
Does it work for interest-only mortgages?
Not directly. For interest-only, the monthly payment is simply the balance times the rate divided by 12, and the full amount is repaid at the end.
How do I model a remortgage?
Save a copy, enter the outstanding balance at the end of your current deal as the amount, the remaining term and the new rate.
Why does my lender's figure differ slightly?
Lenders may calculate interest daily and round differently. The difference is usually a few pence or pounds a month.
