Repayment Calculator

This calculator gives you the amount of the monthly repayment on a mortgage where interest is charged on a monthly basis.

There are, in fact, many ways in which interest and repayments can be calculated. There is no "right" way or "wrong" way. The answer below will, however, give you a typical repayment using the standard repayment formula.

It also shows you the total interest paid over the term. Be careful, however, the initial repayment can change with Interest Rates.

It is only a guide. You MUST check the actual figures with your proposed mortgage lender(s).

Enter amount of loan here. Please do NOT type the '£' sign. £

Enter the annual Interest Rate here without the % sign (e.g 6.75) %

Enter number of months of loan here (note, months NOT years) months

Repayment Mortgage (also known as Capital and Interest)

The Monthly Repayment (Capital & Interest) will be £ PLUS the cost of Mortgage Protection Insurance (advisable).

The total interest paid in the life of the mortgage will be £ (On a Capital Repayment basis)

Interest Only Mortgage (for example, an Endowment Mortgage)

The Interest Only Payment will be £ PLUS the cost of an Endowment Policy or other means of repaying the loan at the expiry of the term (essential).

The total interest paid in the life of the mortgage will be £ (On an Interest only basis)

Typically, the cost of an Interest only Mortgage PLUS a suitable low cost Endowment Policy to secure its repayment will be similar to the total costs of a Repayment Mortgage. However, while this can be an excellent form of saving, there is no absolute guarantee that a low cost Endowment will realise enough funds to clear the mortgage at the end of its term.

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