Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and total cost instantly.
About This Tool
This free mortgage calculator helps you estimate your monthly repayment before you commit to a home loan. Enter the loan amount, annual interest rate, and mortgage term to see an instant breakdown of your monthly payment, the total amount you will pay over the life of the loan, and how much of that goes toward interest.
The calculator uses the standard fixed-rate amortisation formula used by banks and lenders worldwide. It covers principal and interest only — your actual cost may differ once property taxes, buildings insurance, and arrangement fees are factored in.
Whether you are a first-time buyer comparing deals or an existing homeowner considering remortgaging, this tool gives you a quick estimate so you can plan your budget with confidence.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
The calculator uses the standard amortisation formula: M = P[r(1+r)n] / [(1+r)n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years multiplied by 12).
Does this calculator include taxes and insurance?
No. This calculator estimates principal and interest only. Your actual monthly cost may be higher once property taxes, home insurance, and other fees are included. Check with your lender for a full cost breakdown.
Can I use this calculator for buy-to-let mortgages?
Yes. The underlying maths is the same for any repayment mortgage. Simply enter the loan amount, interest rate, and term for your buy-to-let deal to see the estimated monthly repayment.
What interest rate should I enter?
Enter the annual interest rate quoted by your lender. For example, if your rate is 4.5% per year, type 4.5 into the Interest Rate field. The calculator automatically converts it to a monthly rate for the calculation.