Work out the monthly cost of a repayment mortgage, plus the total interest over the life of the loan.
Assumes a capital-repayment mortgage at a fixed rate for the whole term. Real mortgages re-fix every few years, so the rate — and your payment — will usually change.
From three things: the amount borrowed, the interest rate and the term. The calculator uses the standard repayment formula so that equal monthly payments clear both the loan and the interest over the full term.
A large one. Even a single percentage point can move a typical monthly payment noticeably and add thousands of pounds over a 25-year term, which is why the calculator also shows the total interest.
A shorter term means higher monthly payments but far less total interest, while a longer term lowers the monthly cost and increases what you pay overall. Try a few terms to see the trade-off.
These results are estimates for general information only and are not financial advice. Check every figure yourself and seek appropriate advice from a qualified professional before making any decision. Read the full disclaimer.