Full Schedule
Amortisation Schedule
Showing first 60 months.
🏠 UK Mortgage Tool
Free UK Mortgage Calculator
Calculate monthly repayments, total interest, and stamp duty. View your full amortisation schedule and see how overpayments could save you thousands.
Mortgage Repayment Calculator
Repayment & interest-only · Amortisation schedule
Loan Details
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Overpayments (Optional)
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Most fixed-rate mortgages allow up to 10% of the outstanding balance as overpayments per year without early repayment charges. Check your mortgage terms before overpaying.
How UK Mortgages Work
A mortgage is a secured loan where the property acts as collateral. Monthly repayments cover both interest charged on the outstanding balance and principal repayment (on a repayment mortgage). Over time, your monthly interest reduces as the balance falls, while the principal portion increases.
Types of Mortgage
- Fixed Rate: Interest rate locked for an initial period (2, 5 or 10 years)
- Tracker/Variable: Rate follows Bank of England base rate
- Repayment: Guaranteed to clear the loan at end of term
- Interest-Only: Monthly payments cover interest only; capital repaid at end
Loan-to-Value (LTV) Ratio
LTV is the mortgage amount as a percentage of the property value. A £200,000 mortgage on a £250,000 property is 80% LTV. Lower LTV typically means better interest rates. Many lenders offer their best rates at 60% and 75% LTV.
The Power of Overpayments
Making regular overpayments can save thousands in interest and years off your mortgage. An extra £200/month on a £250,000 25-year mortgage at 5% saves approximately £28,000 in interest and reduces the term by 4+ years. Use the overpayment field to calculate your own savings.
📋 Stamp Duty (2024)
In England, Stamp Duty Land Tax is 0% up to £250,000 (£425,000 for first-time buyers), 5% on £250,001–£925,000, 10% on £925,001–£1.5m, and 12% above £1.5m. Additional properties attract a 3% surcharge. Use our stamp duty calculator tab above.
🔑 First-Time Buyer Schemes
Available schemes include the Mortgage Guarantee Scheme (5% deposits), Shared Ownership (buy 10–75% share), and First Homes (30–50% discount for key workers). Help to Buy ISA and Lifetime ISA can also boost first-time buyer deposits.
📊 Mortgage Affordability Stress Testing
UK lenders stress-test affordability at rates 3% above the revert rate (typically 8–9%), to ensure you could afford payments if rates rise. This is more conservative than just checking current rates — it's why your borrowing capacity may be lower than expected.
💡 Remortgaging Tips
Start remortgaging 3–6 months before your fixed rate ends. Rate changes become effective immediately but you can lock a rate early. Compare whole-of-market brokers — they can often find deals not available direct from lenders.
Common Questions
Mortgage Calculator FAQ
How much deposit do I need for a mortgage?
Most lenders require a minimum 5% deposit (95% LTV mortgage), though 10% is more common for competitive rates. A 15–20% deposit typically gives access to significantly better interest rates, saving thousands over the mortgage term. The sweet spot for best rates is often 25–40% deposit (60–75% LTV).
How is monthly mortgage calculated?
Monthly repayments use the formula: M = P[r(1+r)^n] ÷ [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. At the start, most of your payment goes towards interest; over time, more goes to capital repayment.
Should I get a 25 or 30-year mortgage?
A longer term reduces monthly payments but significantly increases total interest paid. A £250,000 mortgage at 5%: over 25 years costs £437,000 total (£187,000 interest), over 30 years costs £482,000 total (£232,000 interest). Use our calculator to compare terms. Many borrowers take a longer term for lower payments, then overpay when affordable.
What is an amortisation schedule?
An amortisation schedule shows every monthly payment broken down into principal and interest components throughout the mortgage term. Early payments are mostly interest; later payments are mostly principal. Our calculator generates the full amortisation schedule which you can download as a CSV.
What mortgage rate should I use in the calculator?
For current affordability, use today's rates — check comparison sites for current deals. For long-term planning, consider a higher "stress test" rate (e.g. 7–8%) to ensure you could afford repayments if rates rise. Many financial planners recommend running calculations at both your current rate and at a higher scenario rate.
Know Your Numbers Before You Buy.
Use our budget planner to make sure your full monthly housing costs fit comfortably in your budget.