Mortgage repayment calculator
See an estimated monthly payment from the amount, rate and term — and how much interest you'd pay overall.
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Find my best deal →How this works
On a repayment mortgage, each monthly payment covers that month's interest plus a bit of the amount you borrowed, worked out so the balance reaches zero by the end of the term. Early on, more of your payment goes on interest; later, more goes on clearing the balance.
On interest-only, you pay just the interest each month, so payments are lower — but the amount you borrowed still has to be repaid at the end, usually from savings, investments or selling the property.
Three things move the monthly figure: the amount you borrow, the interest rate, and the term (a longer term lowers the monthly payment but usually means more interest overall).
The honest bit
This is an illustration to show how repayments work — not a quote. Your actual rate, monthly payment and deal depend on the lender, your circumstances and the product, and rates change. Penny doesn't quote rates or give advice; when you're ready, we connect you to a qualified adviser who finds your real numbers.
Common questions
Does a longer term make it cheaper?
A longer term lowers the monthly payment because you're spreading the amount over more months — but you're usually paying interest for longer, so the total interest tends to be higher. It's a trade-off.
Is this the rate I'll actually get?
No — you choose the rate here just to see the effect. The real rate you're offered depends on the lender, the product, your deposit and your circumstances. A qualified adviser can find that for you.
Related: When to remortgage · How much could I borrow? · Stamp Duty calculator
This tool gives a general estimate, not advice or a quote. Actual rates, payments and eligibility come from a lender or qualified adviser and can change. Your home may be repossessed if you do not keep up repayments on a mortgage.