Mortgage Calculator UK
This mortgage calculator UK works out your monthly payment from the loan, rate and term: borrowing £240,000 over 25 years at 5.5% costs about £1,474 a month on a repayment basis, or £1,100 a month interest-only. It also shows the total interest and how a shorter or longer term changes both.
- Avg 2-year fix5.96% (Oct 2026)
- Avg 5-year fix5.99% (Oct 2026)
- Bank Rate3.75%
Updated November 2026 · Indicative rates checked October 2026
Calculate your mortgage payments
Your result
Fill in the details, then press Calculate to see your result with the working shown.
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How mortgage repayments are calculated
On a repayment mortgage each monthly payment covers that month’s interest plus some of the loan. The payment stays level for a given rate, but early on most of it is interest; later most of it reduces the debt. The standard formula is payment = loan × i ÷ (1 − (1 + i)−n), with i the annual rate divided by 12 and n the term in months.
On an interest-only mortgage you pay just the interest (loan × rate ÷ 12) and still owe the full loan at the end, so you need a plan to repay it.
Monthly mortgage payments on £200,000
| Rate | 20 years | 25 years | 30 years | Interest-only |
|---|---|---|---|---|
| 4% | £1,211.96 | £1,055.67 | £954.83 | £666.67 |
| 5% | £1,319.91 | £1,169.18 | £1,073.64 | £833.33 |
| 6% | £1,432.86 | £1,288.60 | £1,199.10 | £1,000.00 |
| 7% | £1,550.60 | £1,413.56 | £1,330.60 | £1,166.67 |
Figures from the formula above, before fees. A longer term lowers the monthly cost but adds a lot of interest overall.
Current UK mortgage rates (indicative)
Moneyfacts data reported on 16 October 2026 put the average two-year fixed rate at 5.96% and the average five-year fix at 5.99%, both up from about 5.7% to 5.8% a month earlier. The average standard variable rate was about 7.13% in early October 2026 and Bank Rate was 3.75%. The best deals go to borrowers with bigger deposits: the lowest rates quoted in early October were around 4.9% at 60% loan to value, against roughly 5.3% to 5.9% at 90% to 95%.
Rates move often, so treat these as a guide and check live deals before you apply.
How the mortgage term changes the cost
- Stretching from 25 to 35 years cuts the monthly payment but can add tens of thousands of pounds of interest.
- Shorter terms clear the debt sooner and cost less overall, but lenders test that you can afford the higher payment.
- Lenders set a maximum term and an age by which the loan must be repaid, and check income will cover payments into retirement.
- You can shorten the term later by overpaying, usually up to 10% of the balance a year without a charge.
Frequently asked questions
How much is a £200,000 mortgage a month?
At 5% over 25 years a £200,000 repayment mortgage costs about £1,169 a month. At 6% it is about £1,289, and interest-only at 5% is about £833.
What is the average mortgage rate in the UK right now?
Moneyfacts figures for mid-October 2026 put the average two-year fix at 5.96% and the average five-year fix at 5.99%. Rates change frequently, so check live deals.
Is a 25 or 30 year mortgage better?
A 30-year term lowers the monthly payment but you pay more interest overall. On £200,000 at 5% the payment falls from £1,169 to £1,074, but total interest rises from about £150,800 to £186,500.
Does this mortgage calculator include fees?
No. Add arrangement fees to the loan amount if you plan to borrow them, and check for early repayment charges on fixed deals.
How is mortgage interest calculated in the UK?
Most UK lenders charge interest daily or monthly on the outstanding balance. The calculator uses the standard monthly formula, which is close to what lenders quote.
Sources and method
We use official UK guidance and recognised formulas, and test each calculator against worked examples. Results are estimates to help you plan, not professional advice. See how we work.