Monthly payment, true cost (APRC), fixed or variable rate risk and how much you can afford, with the rules that apply in the UK.
All calculations run in your browser. Nothing you type is sent or stored.
For a mortgage of 220,000 GBP over 30 years at 5.9%, the monthly payment is about 1,304.90 GBP. Change the amount, term and rate in the calculator above to see your own payment.
The APRC includes fees and required costs on top of interest. In our example with typical fees the APRC is 6.11% while the nominal rate is 5.9%. Compare loans by the APRC and by the total amount you repay.
UK tracker mortgages follow Bank Rate, 3.75% in October 2026, plus a margin, and the standard variable rate is set by each lender. Fixed deals protect you for 2 to 5 years, then you need to remortgage. If rates rose by 2 points, the payment in our example would go up to 1,598.97 GBP. A fixed rate protects you from that risk, a variable rate can be cheaper when rates fall.
UK lenders usually lend up to about 4.5 times your gross annual income, and they also check affordability at a stressed rate. With a 5% deposit you can borrow up to 95% of the price. Enter your gross income and the property value to see your loan to income and loan to value.
Most UK mortgages are fixed for 2 or 5 years. When the deal ends you move to the lender's standard variable rate (SVR) unless you remortgage, so the real question is what you will pay after the fixed period. Mortgage offers show the APRC, which assumes you stay on the loan for the whole term, including the SVR years.
The nominal interest rate only covers interest. The APRC adds the fees and costs you must pay to get the loan, such as processing fees, account fees and required insurance, and turns everything into one yearly percentage. Two loans with the same interest rate can have very different APRC. When you compare offers for the same amount and term, the lower APRC is usually the cheaper loan.
A fixed rate keeps your payment the same for an agreed period, so you know exactly what you pay. A variable rate is a reference rate (for example Euribor) plus the bank's margin. It is often lower at the start, but your payment rises when the reference rate rises. Use the stress test above to see your payment if rates go up by 1, 2 or 3 points, and only choose variable if you could still pay that.
With equal payments (annuity) the monthly amount stays the same, and at the start most of it is interest. With equal principal the first payments are higher but fall every month, and you pay less interest in total. Switch the repayment option in the calculator to see the difference.
Look beyond the monthly payment. Add up interest, upfront fees, monthly account and insurance costs, valuation and notary costs. A longer term lowers the payment but increases the total interest a lot. The line "cost per 100 borrowed" shows how much you pay for every 100 you borrow.
Paying off part of the loan early saves interest. Many countries limit what banks may charge for it, and variable-rate loans can often be repaid without a fee. Read the early repayment clause before you sign.
Typical mortgage at today's average rate, equal monthly payments, without fees. Interest rate: 5.9%.
| Amount | Term (years) | Monthly payment | Total interest |
|---|---|---|---|
| 150,000 GBP | 25 | 957.30 GBP | 137,191 GBP |
| 220,000 GBP | 30 | 1,304.90 GBP | 249,764 GBP |
| 300,000 GBP | 35 | 1,690.47 GBP | 409,997 GBP |
Yes, but during a fixed or tracker deal most lenders charge an early repayment charge of 1% to 5% of the amount repaid. Most let you overpay up to 10% a year without a charge, and there is no charge on the SVR.
In October 2026 the average 5 year fixed mortgage in the UK costs about 5.99%, and the average standard variable rate about 7.13%. Best buy deals with a large deposit are lower. Personal loans start at about 6% APR.
No. It is an educational calculator. Your bank sets the final rate and costs. Use the results to understand and compare offers, and ask for the official pre-contract information before signing.
This page is educational. Rates are examples based on central bank statistics and published offers in October 2026, and your bank will price your loan individually. Always compare the official offer document (ESIS or standard information form) before you sign.