Monthly Payment Calculator

Our calculator uses standard mortgage formulas and current market data to provide accurate estimates. However, your actual mortgage terms may vary based on your credit score, debt-to-income ratio, and lender-specific criteria. For the most accurate quote, speak with one of our qualified mortgage advisers.

Your monthly payment is primarily determined by the loan amount (property price minus deposit), interest rate, and loan term. Additional factors that may affect your total monthly housing cost include property taxes, homeowners insurance, private mortgage insurance (PMI), and HOA fees.

Deposit requirements vary by mortgage type and lender. Conventional mortgages typically require 5-20% down, though some first-time buyer schemes allow for lower deposits. A larger deposit often means better interest rates and lower monthly payments.

LTV is the percentage of the property value that you're borrowing. For example, with a £300,000 property and £30,000 deposit, your LTV would be 90%. Lower LTV ratios typically qualify for better interest rates and more favorable loan terms.

Most mortgages allow early repayment, though some may have early repayment charges (ERCs) during certain periods. Making extra payments toward the principal can significantly reduce the total interest paid over the life of the loan.

Fixed-rate mortgages maintain the same interest rate throughout the term, providing predictable monthly payments. Variable rates can change based on market conditions, potentially offering lower initial rates but with the risk of increases over time.