UK Mortgage Calculator 2026
Work out the monthly payment on a UK repayment (capital-and-interest) mortgage from your loan amount, interest rate and term. Tell it your rate type and deal length and it also shows the balance left when the deal ends; add your fees and it gives the total paid and an APRC on the FCA's assumptions. A blank rate or fee stays unknown: the page never fills it with 0.
Your mortgage repayment
- Monthly paymentat the entered rate; changes if the rate changes
- £1,461.48
- Total loan repayments over the termwhat-if: the entered rate stays unchanged for the whole term; not a forecast
- £438,442.53
- Total interest
- £188,442.53
- Total paid, with your feesEnter your mortgage fees (0 if none)
- —
- Interest and feesEnter your mortgage fees (0 if none)
- —
- APRC with your feesEnter your mortgage fees (0 if none)
- —
- Number of payments
- 300
How it's calculated
A repayment mortgage is cleared by level monthly payments: each covers that month's interest plus some capital, so the balance reaches zero with the last payment. The payment comes from the annuity formula, with the yearly rate divided by 12 for a monthly rate and the term counted in months. At 0% the loan is spread evenly over the months. The payment repays the balance: the loan amount, plus any fee you add to the loan. With a fixed rate for the whole term every payment is known. With an initial deal the payment is known only until the deal ends; the page then shows the balance left at that point and, if you enter the rate after the deal, re-spreads that balance over the remaining months at that rate. That later rate is a what-if you choose, not a forecast. For a variable rate, or when you are not sure, the full-term totals assume today's rate never changes. The APRC uses the FCA's formula (MCOB 10A.2.2R): the yearly rate at which the payments, discounted month by month, equal the money you actually receive, so an upfront fee counts against you. Its rate assumptions come from MCOB 10A: a variable rate stays at today's level (10A.1.4R); after an initial fixed rate, the rate is the follow-on rate at today's level but not lower than the fixed rate (10A.3.1R(5)); a discount or other limited-period rate is replaced by the highest rate for the whole term (10A.3.1R(4)). The APRC is rounded to one decimal place (10A.2.3R(4)). It is general information, not financial advice.
M = P × i ÷ (1 − (1 + i)^−n)
P = balance repaid = loan amount (+ fee, if added to the loan)
i = monthly rate = annual rate ÷ 100 ÷ 12
n = number of payments = years × 12 + extra months
If i = 0: M = P ÷ n
Balance after k payments: B_k = P × (1 + i)^k − M × ((1 + i)^k − 1) ÷ i
After a deal of k months at rate i, the payment is M2 = B_k × j ÷ (1 − (1 + j)^−(n − k)), j = rate after the deal ÷ 1200
Total repayments = unrounded payments added up
Total paid with fees = total repayments + fees paid upfront
APRC: X such that money received = Σ payment_k × (1 + X)^(−k/12)
(money received = loan amount, less any fee paid upfront)Worked example
Take a £250,000 loan at 5.00% over 25 years (300 payments). The rates are examples, not market offers:
| Monthly payment, one rate for 25 yearsi = 5 ÷ 1200; 250,000 × i ÷ (1 − (1 + i)^−300) | £1,461.48 |
|---|---|
| Total loan repaymentsunrounded payment × 300 | £438,442.53 |
| Total interest£438,442.53 − £250,000 | £188,442.53 |
| £1,000 fee paid upfront: total paidAPRC 5.2% (5.1% with no fee) | £439,442.53 |
| £1,000 fee added to the loan: paymenton £251,000; total £440,196.30, APRC 5.2% | £1,467.32 |
| Two-year deal: balance when it endsafter 24 payments of £1,461.48 | £239,426.74 |
| Payment if the rate after the deal were 7%£239,426.74 over the remaining 276 months | £1,747.62 |
| Total repayments on that 5% then 7% path24 × £1,461.48 + 276 × £1,747.62, unrounded | £517,419.01 |
At one unchanged rate this borrower repays £438,442.53, of which £188,442.53 is interest. The same loan on a two-year 5% deal followed by 7% would repay £517,419.01: the initial rate alone does not tell you the cost over the full term. With the £1,000 fee paid upfront and a fixed deal of 24 months followed by 7%, the APRC comes to 6.9%. Totals add up the unrounded payments; a lender's schedule in whole pence can differ slightly.
When your result may differ
Your real payments can differ from these figures. Rates after a deal are set later: the payment after the deal and the full-term totals use the follow-on rate you enter, and if the rate moves your payments move with it; for a variable rate the full-term totals assume today's rate never changes, which can put them too high or too low. Fees count only if you enter them; leave the field blank and the totals and APRC stay unknown. The APRC here counts only the fees you enter: a required account fee, insurance the lender insists on or other charges known to the lender also go into the lender's APRC. The model uses equal months; lenders that charge interest daily or take the first payment after a part month produce a slightly different schedule, and they round payments to whole pence. It covers repayment mortgages only, not interest-only or part-and-part. Overpayments and early repayment charges are not modelled; whether an overpayment shortens the term or lowers the payment depends on the lender. Stamp duty, solicitor and Land Registry costs are outside the mortgage and outside the APRC. Whether you can borrow this amount (affordability, loan to value) is a separate question.
Rates and thresholds
How the interest rate alone changes a £250,000, 25-year repayment mortgage, with that rate held for the whole term and no fees. Amounts rounded to the nearest pound.
| Interest rate | Monthly payment | Total repayments | Total interest |
|---|---|---|---|
| 3.0% | £1,186 | £355,658 | £105,658 |
| 4.0% | £1,320 | £395,878 | £145,878 |
| 5.0% | £1,461 | £438,443 | £188,443 |
| 6.0% | £1,611 | £483,226 | £233,226 |
| 7.0% | £1,767 | £530,084 | £280,084 |
Sources & legal basis
| Source | What it covers | Last checked |
|---|---|---|
| FCA Handbook — MCOB 10A.1: calculation of the APRC | MCOB 10A.1.2R costs of a required account; 10A.1.4R: a variable rate and charges assumed to stay at their starting level | |
| FCA Handbook — MCOB 10A.2: APRC formula | MCOB 10A.2.2R present-value equation; 10A.2.3R(3) twelve equal months, (4) one decimal place, 5 rounds up | |
| FCA Handbook — MCOB 10A.3: additional APRC assumptions | MCOB 10A.3.1R(4) highest rate for limited-period rates; (5) rate after an initial fixed period not below the fixed rate | |
| FCA Glossary — total cost of the credit to the consumer | Costs that go into the APRC: interest, commissions, taxes, valuation and other required fees, broker fees; notarial and property-transfer registration costs excluded | |
| FCA — statement on APRC calculations | Where the reversion rate is below the initial fixed rate, the APRC keeps the initial rate to the end of the term (MCOB 10A.3.1R(5)) | |
| FCA Handbook — MCOB 12.3: early repayment charges | Early repayment charges must be expressible in cash and a reasonable pre-estimate of the lender's costs | |
| The Mortgage Credit Directive Order 2015 (SI 2015/910) | Article 1(5): the regime applies from 21 March 2016; article 2(1): terms read with Directive 2014/17/EU | |
| MoneyHelper — Repayment and interest-only mortgages (guidance) | How repayment and interest-only mortgages differ; explanatory guidance, not law | |
| MoneyHelper — Understanding mortgages and interest rates (guidance) | Fixed, tracker, discount and standard variable rates; no market rate is used by this calculator | |
| MoneyHelper — Mortgage repayment calculator (official tool) | Money and Pensions Service repayment and interest-only estimates; the lender confirms the actual payment |
Update log
- — Refreshed worked example for a £250,000 loan at 5.0% over 25 years.
- — Added structured worked example, a rate-sensitivity table and a source table; expanded the explanation of the annuity formula and the APRC distinction.
- — Rechecked MoneyHelper and FCA mortgage sources; added MoneyHelper interest-rate options guidance and updated the FCA Handbook APRC source URL.
- — A blank rate, amount or term now shows as unknown instead of 0 (a blank rate had given £833.33 a month and no interest). Term in years and months; exact rates to 0.01%. Added rate type, deal length and rate after the deal, with the balance when the deal ends; fees paid upfront or added to the loan; totals and an APRC (MCOB 10A.2.2R, 10A.3.1R(4)-(5)) only with the fees you enter. Rewrote the APRC, tracker and overpayment explanations.
Frequently asked questions
How is a UK mortgage monthly payment calculated?
A repayment mortgage uses the annuity formula M = P × i ÷ (1 − (1 + i)^−n): P is the balance you repay, i the monthly rate (the yearly rate ÷ 100 ÷ 12) and n the number of monthly payments. £250,000 at 5% over 25 years gives 300 payments of £1,461.48. In the first month interest is £1,041.67 of that; how much of an early payment goes to interest depends on the rate and term. At 0% the payment is the loan divided by the number of months. A blank rate is not 0%: the page asks for it.
What's the difference between a repayment and an interest-only mortgage?
On a repayment mortgage each payment covers the interest and some capital, so the loan is cleared by the end of the term; that is what this calculator works out. On an interest-only mortgage you pay the interest only, so payments are lower, but the whole amount borrowed is still owed at the end. Part-and-part mixes the two. This page does not calculate interest-only or part-and-part payments.
What is the APRC and how is it worked out?
The APRC is the yearly cost of the mortgage over its full term, including the fees the lender requires. Under MCOB 10A.2.2R it is the rate at which all your payments, discounted, equal the money you receive; a fee paid upfront therefore raises it. Even with no fees it is above the nominal rate because monthly interest compounds: 5% a year charged monthly is an APRC of 5.1%. For future rates the rules set assumptions: after an initial fixed rate the follow-on rate at today's level, but not below the fixed rate (10A.3.1R(5)); for a discount or other limited-period rate the highest rate for the whole term (10A.3.1R(4)). These are comparison assumptions, not a forecast of your payments.
What do the totals include?
Total loan repayments add up every monthly payment, unrounded, over the whole term. Total paid adds the fees you paid upfront; a fee added to the loan is already inside the repayments, with interest on it, so it is not counted twice. The totals need your fees: if the fee field is blank they stay unknown. With a variable rate, or a deal whose later rate you set, the totals are a what-if at those rates, not a prediction of what you will pay.
What happens when my fixed or tracker deal ends?
The rate in the deal applies only for the deal. Enter the deal length and the page shows the balance left when it ends: £250,000 at 5% over 25 years leaves £239,426.74 after a two-year deal. What you pay after that depends on the rate then, whether the lender's follow-on rate or a new deal. Enter a rate after the deal to see the payment at that rate (£1,747.62 at 7% in this example); the page does not guess it. A tracker rate moves with its index during the deal too.
Can I reduce the total interest I pay?
At a positive rate, borrowing less, a lower rate or a shorter term lowers the interest, though a shorter term raises the monthly payment. Adding a fee to the loan costs interest on the fee: a £1,000 fee added to £250,000 at 5% over 25 years adds £5.85 a month and £753.77 of interest. Overpaying reduces the balance; depending on the lender it shortens the term or lowers the payment, and an early repayment charge may apply above any allowance. This page does not model overpayments, and it is general information, not financial advice.