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Mortgage repayment calculator
Your monthly payment, the total interest over the term and how the balance falls year by year, repayment or interest-only.
Assumes the rate stays the same for the whole term. In reality most deals fix for 2-5 years and then move to a different rate, so treat this as a planning number, not a quote.
Monthly payment
£1,169.18
over 25 years at 5%
- Loan amount
- £200,000
- Total interest
- £150,754
- Total repaid
- £350,754
Year by year
| Year | Interest | Capital | Balance |
|---|---|---|---|
| 1 | £9,906 | £4,124 | £195,876 |
| 2 | £9,695 | £4,335 | £191,541 |
| 3 | £9,474 | £4,557 | £186,985 |
| 4 | £9,240 | £4,790 | £182,195 |
| 5 | £8,995 | £5,035 | £177,160 |
| 6 | £8,738 | £5,292 | £171,868 |
| 7 | £8,467 | £5,563 | £166,305 |
| 8 | £8,182 | £5,848 | £160,457 |
| 9 | £7,883 | £6,147 | £154,310 |
| 10 | £7,569 | £6,461 | £147,849 |
| 11 | £7,238 | £6,792 | £141,057 |
| 12 | £6,891 | £7,139 | £133,918 |
| 13 | £6,525 | £7,505 | £126,413 |
| 14 | £6,141 | £7,889 | £118,524 |
| 15 | £5,738 | £8,292 | £110,232 |
| 16 | £5,314 | £8,717 | £101,515 |
| 17 | £4,868 | £9,162 | £92,353 |
| 18 | £4,399 | £9,631 | £82,722 |
| 19 | £3,906 | £10,124 | £72,598 |
| 20 | £3,388 | £10,642 | £61,956 |
| 21 | £2,844 | £11,186 | £50,769 |
| 22 | £2,271 | £11,759 | £39,011 |
| 23 | £1,670 | £12,360 | £26,650 |
| 24 | £1,037 | £12,993 | £13,657 |
| 25 | £373 | £13,657 | £0 |
Interest looking heavy in the early years? See what paying a little extra each month does with the mortgage overpayment calculator.
Common questions
- How is my monthly mortgage payment split between interest and capital?
- Each month interest is charged on the balance you still owe, and whatever is left of your payment chips away at the loan. Early on the balance is big, so most of the payment is interest; on a £200,000 loan at 5% over 25 years, year one costs about £9,900 in interest but clears only £4,100 of debt. The split flips over time, and the final years are almost all capital.
- What is the difference between repayment and interest-only?
- A repayment mortgage clears the whole loan by the end of the term: each payment covers that month's interest plus a slice of capital. Interest-only payments are much lower because they only cover the interest, but the loan itself never shrinks; at the end of the term you still owe every pound you borrowed and need a credible plan (sale, investments, a switch to repayment) to pay it back.
- Why does a longer term cost so much more in interest?
- Stretching the term shrinks the monthly payment but leaves the balance higher for longer, and interest is charged on that balance every month. £200,000 at 5% costs roughly £151,000 in interest over 25 years but about £263,000 over 40. The monthly relief is real, just expensive.
- What happens when my fixed rate ends?
- You move onto your lender's standard variable rate, which is usually much higher, unless you remortgage to a new deal first. Most people start shopping around three to six months before the fix ends. Our remortgage calculator shows whether switching saves money once you count the fees.
- Does overpaying my mortgage make a big difference?
- Often, yes. Because interest compounds on the outstanding balance, anything extra you pay stops earning the bank interest for every remaining year of the term. Even £50-£100 a month can knock years off and save thousands; most deals let you overpay 10% of the balance each year without penalty. The mortgage overpayment calculator puts numbers on it.
- Is this what my lender will actually charge me?
- It is the standard amortisation maths every lender uses, but real offers vary: your rate will change when a fixed deal ends, some products add fees to the loan, and interest can be calculated daily rather than monthly. Treat this as a close planning estimate, not a quote.
Not sure how much you could borrow in the first place? Start with the mortgage affordability calculator. If your fixed deal is ending, the remortgage calculator shows whether switching beats sticking, and the mortgage overpayment calculator shows what paying extra saves.