Free Online Mortgage Calculator from the UK's Number One Property Website
When planning to purchase a home it's important to be able to accurately calculate your mortgage repayments to ensure you are able to comfortably pay back what you plan to borrow.
To assist you with budgeting we are pleased to offer this fast and easy online monthly mortgage payment calculator which helps you work out your likely monthly payments, based on different interest rates and repayment terms. Just enter your details and our mortgage calculator will do the rest.
The mortgage calculator results are only intended as a guide. Availability of the mortgage, the interest rate and other terms will ultimately be dictated by your mortgage lender.
Our mortgage calculator is based on the type of mortgage where the mortgage payments are calculated by applying the relevant interest rate to the amount of loan outstanding on a monthly basis. If your mortgage lender uses a different calculation method the monthly repayments may slightly differ.
After using the Mortgage Calculator you can search for properties that match your budget on Rightmove - the UK's number one property website. Simply enter your desired location and click Start Search on our Property for Sale page.
Please note: Rightmove is not a mortgage broker or a lender and does not offer any financial advice to consumers. You should seek appropriate independent mortgage advice from a qualified professional before making an offer to purchase a property or committing yourself in any way. You should be aware that interest rates change over time and even if you select a fixed rate, the rate may be fixed only for a limited period. Many lenders charge fees in connection with arranging a mortgage which may be added to the loan increasing the amount you owe and must pay interest upon.
Your home may be repossessed if you do not keep up mortgage repayments.
A mortgage in which the monthly repayments consist of repaying the capital amount borrowed as well as the accrued interest over a specified term.
The main attraction of a repayment mortgage is that at the end of the mortgage term (e.g. 25 years), the full amount of the debt has been repaid.
A mortgage in which the monthly repayments cover only the interest accrued on the outstanding loan amount over a specified term.
At the end of the lending term, the borrower still owes the same sum as was initially borrowed and so homeowners are strongly advised to make adequate provision to ensure they will be able to repay the outstanding balance at the end of the loan term.
Borrowers taking out an interest only mortgage also need to take into account the cost of any savings or investment vehicle they plan to use to repay the outstanding loan. If the complete loan balance cannot be settled at the end of the term, the borrower may risk repossession of their home.