Mortgage calculator

What is a mortgage?

A mortgage is a kind of loan you can use to help you buy property. The average mortgage lasts for more than 25 years – although they can range from six months to 40 years – during which you'll make monthly repayments. It's secured against your home, which means you may lose your home if you can't keep up with the repayments.

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How much will your mortgage cost?

Use our mortgage calculator to find out what you'll pay each month and how much interest you'll pay in total.


What this means

Your monthly repayments contribute to both repaying the money you've borrowed, as well as paying interest charges.

The total amount you repay is a combination of the mortgage debt and the interest charges accrued over the lifetime of the mortgage.

Note that this mortgage calculator assumes your interest rate will remain the same for the full term of the mortgage, and you are on a capital repayment, rather than an interest only, mortgage.

What is a remortgage?

When you remortgage, you either take out a new loan with your existing lender or with another company. Many people remortgage because they want to get a better rate, change their interest rate type, increase or decrease their monthly payments, or free up equity (e.g. for home improvements).

How can I improve my chances of getting a mortgage?

If you want to get a mortgage, you'll need to prove to lenders that you're a reliable borrower, and that you can afford the repayments.

Here are our top tips for improving your chances of acceptance:

  • Be realistic about what you can afford. Review your finances, get out a calculator, and decide what you can afford – both now and in the future. Remember to take into account the possibility of rising interest rates.
  • Try and improve your credit score. Your score isn't set in stone – it changes with your financial behaviour, so you have the power to influence it. There are several steps you may be able to take to improve your score and boost your chances of getting a mortgage.
  • Consider using a guarantor. A guarantor mortgage means that someone – usually a parent or older relative – promises to make your repayments if you can't. This reduces risk for the lender, so they may be more likely to approve you. Make sure you understand the risks for you and the guarantor first.

Finally, remember to compare mortgages before you apply, to find the right one for your needs and circumstances. You can compare mortgages from across the UK market with Experian – it's free and it won't affect your credit score.