Repayment calculator
One of the most common (and sensible) questions we get asked is ‘What will my monthly repayments be?’
It’s a good question, because it’s important to know that the deal you get is affordable both now and in the future.
Our repayment calculator is quick and easy to use so you can find out the likely monthly payments in seconds.
Simply adjust the following to calculate your monthly repayments:
- The amount you want to borrow
- The interest rate
- The number of years you wish to borrow the money over
The calculator will display your monthly repayments based on the figures you provide and help you plan your monthly budget.
Important information
We’ve put this calculator together to help you get an idea of your monthly repayments, however the rates and figures shown are for illustrative purposes and realistically the rate you pay will change during your chosen mortgage term. Before taking any mortgage out you should get a personalised illustration showing the full costs and charges, and if you have any questions on this please speak to your adviser.
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How are my repayments calculated?
Your mortgage repayments depend on several factors, including how much you’re borrowing, your mortgage term, and the rate of interest you’re paying. If you opt for a repayment mortgage you’ll make monthly repayments which cover both the capital you borrowed and the interest due. If it’s interest only you’ll just be paying the interest rather than reducing the amount you owe. You can find out more about this in our repayment vs interest only guide.
On a repayment mortgage the longer the mortgage term you choose the cheaper your monthly payments will be, but you’ll end up paying back more overall. If you choose a shorter term, your monthly payments might be higher, but you’ll reduce the total amount of interest you need to pay back, as you’ll be paying off the loan more quickly.
Calculating monthly payments
Once you’ve got an idea of how you’d like to repay your mortgage and how much you can borrow you can get started and calculate your monthly repayments based on the amount you need. To work out exactly how much you’ll pay every month, you’ll need to know how much you want to borrow, over how many years, and what interest rate you’ll be paying.
You can then enter these figures into our repayment calculator and it’ll crunch the numbers and tell you how much your repayments might be every month, as well as the total amount you’ll pay over the term. You’ll also see exactly how much interest you’ll pay overall, and when you use our repayment calculator, overpayments can also be added to see how this can help bring the total amount you’ll pay down.
Remember that you’re unlikely to pay the same interest rate throughout your mortgage term though, as most deals only last for a few years. If you don’t remortgage to another deal after your initial deal ends, you’ll default to your lender’s standard variable rate which is likely to result in higher monthly payments.
How much interest will I pay?
The exact amount of interest you’ll pay depends on the mortgage rate you’re on. This can change over time. For example, you might be on a low rate at the moment, but if interest rates rise during this period, you could end up paying a higher interest rate when you come to remortgage, or if you move onto your lender’s standard variable rate.
How are my repayments calculated?
Once you’ve got an idea of how you’d like to repay your mortgage and how much you can borrow you can get started and calculate your monthly repayments based on the amount you need. To work out exactly how much you’ll pay every month, you’ll need to know how much you want to borrow, over how many years, and what interest rate you’ll be paying.
You can then enter these figures into our repayment calculator and it’ll crunch the numbers and tell you how much your repayments might be every month, as well as the total amount you’ll pay over the term. You’ll also see exactly how much interest you’ll pay overall, and when you use our repayment calculator, overpayments can also be added to see how this can help bring the total amount you’ll pay down.
Remember that you’re unlikely to pay the same interest rate throughout your mortgage term though, as most deals only last for a few years. If you don’t remortgage to another deal after your initial deal ends, you’ll default to your lender’s standard variable rate which is likely to result in higher monthly payments.
How much interest will I pay?
The exact amount of interest you’ll pay depends on the mortgage rate you’re on. This can change over time. For example, you might be on a low rate at the moment, but if interest rates rise during this period, you could end up paying a higher interest rate when you come to remortgage, or if you move onto your lender’s standard variable rate.
FAQs
How much will a 100k mortgage cost per month?
The cost of your monthly repayments depends on various factors, including the type of mortgage you’ve taken out. Your payments will depend on whether you have an interest only or repayment mortgage, how long you’ve borrowed it over and the rate you are on. Typically, your repayments will be lower with an interest only mortgage, as you’re only paying back the interest rather than the total amount borrowed but you will need to factor in the cost of making sure you have enough set aside to repay the mortgage at the end of the term. With a fixed rate mortgage, your monthly payments will remain the same for the term of your mortgage, but with a variable rate deal, they may change over time depending on interest rates. The amount you pay back monthly also depends on the length of your mortgage term. If you’ve chosen a 5-year term, your payments will be much higher than a 20-year term, for example.
How is a mortgage calculated?
Mortgage payments have two separate parts: the total amount you’ve borrowed (the capital) and the interest charged on your loan. If you have a repayment mortgage, your monthly payments will cover both of these parts, with a portion of your monthly payment going towards the capital, and the other part covering the interest on your debt. With an interest only mortgage you are only covering the interest with your mortgage payments so the amount you owe is not reducing each month. So in summary your mortgage payments are calculated based on the amount borrowed, the term of your mortgage, the type of mortgage you’ve chosen, and the interest rate. When you take out a mortgage through L&C, we’ll take you through the options and ensure you understand exactly how much you’ll have to pay back every month.
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