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Mortgage calculator

Overpayment calculator

Shows the cost per month and the total cost over the life of the mortgage, including interest.
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Your payments or interest

Please either enter a monthly payment or an interest rate.
We will calculate the interest from the monthly payment and vice versa, but you cannot enter a monthly payment and an interest rate.
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OR we can work out the interest from your payments

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Your payments or interest

Please either enter a monthly payment or an interest rate.
We will calculate the interest from the monthly payment and vice versa, but you cannot enter a monthly payment and an interest rate.
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Your overpayments

Either One-off AND/OR Recurring overpayment fields required for calculation.
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AND/OR

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Your mortgage calculator results Summary

A mortgage of {{result.mortgageAmountFormatted}} on a property valued at {{result.propertyValueFormatted}} gives you a Loan To Value ratio of {{result.ltvFormatted}}.

Overpaying would save you {{result.opInterestSavedFormatted}} in interest alone.

Overpaying would save you {{result.opInterestSavedFormatted}} in interest alone, and mean you pay the debt off in full {{getYearsAndMonth(result.opTermSaved)}} earlier.

Lump sum overpayment of {{result.oneOffPaymentFormatted}} and a {{getFrequencyText(result.overPaymentFrequency).toLowerCase()}} overpayment of {{result.recurringPaymentFormatted}}, would make you debt free {{result.opTermSaved > 0 ? getYearsAndMonth(result.opTermSaved) +' earlier.' : 'at the end of your term.'}}.

Lump sum overpayment of {{result.oneOffPaymentFormatted}}, would make you debt free {{result.opTermSaved > 0 ? getYearsAndMonth(result.opTermSaved) +' earlier.' : 'at the end of your term.'}}.

{{getFrequencyText(result.overPaymentFrequency)}} overpayment of {{result.recurringPaymentFormatted}}, would make you debt free {{result.opTermSaved > 0 ? getYearsAndMonth(result.opTermSaved) +' earlier.' : 'at the end of your term.'}}.

After lump sum overpayment of {{result.oneOffPaymentFormatted}} and a {{getFrequencyText(result.overPaymentFrequency).toLowerCase()}} overpayment of {{result.recurringPaymentFormatted}}, you'd have {{result.opRemainingCapitalFormatted}} mortgage debt remaining at the end of your term.

After lump sum overpayment of {{result.oneOffPaymentFormatted}}, you'd have {{result.opRemainingCapitalFormatted}} mortgage debt remaining at the end of your term.

After {{getFrequencyText(result.overPaymentFrequency).toLowerCase()}} overpayment of {{result.recurringPaymentFormatted}}, you'd have {{result.opRemainingCapitalFormatted}} mortgage debt remaining at the end of your term.

  • Normally you repay {{result.regularInitialMCostFormatted}} per month with an interest rate of {{result.initialInterestRateFormatted}} for the first {{getYearsAndMonth(result.initialTerm)}}.
  • Normally you pay interest {{result.regularInitialMCostFormatted}} per month with an interest rate of {{result.initialInterestRateFormatted}} for the first {{getYearsAndMonth(result.initialTerm)}}.
  • After the initial period ends, the monthly interest will cost: {{result.regularMCostFormatted}} per month with an interest rate of {{result.interestRateFormatted}} for the remaining {{getYearsAndMonth(result.remainingTerm)}}.
  • Normally you pay interest {{result.regularMCostFormatted}} per month with an interest rate of {{result.interestRateFormatted}} for the {{getYearsAndMonth(result.remainingTerm)}}.
  • Overpaying would save you {{result.opInterestSavedFormatted}} in interest alone.
  • After the initial period ends, the monthly payments will cost: {{result.regularMCostFormatted}} per month with an interest rate of {{result.interestRateFormatted}} for the remaining {{getYearsAndMonth(result.remainingTerm)}}. Over this period, the mortgage will cost: {{result.regularLoanRepaymentFormatted}} (includes capital repaid, {{Math.round(result.regularRemainingCapitalPct, 0) > 0 ? result.regularTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.regularTotalInterestFormatted}}).
  • Normally you repay {{result.regularMCostFormatted}} per month with an interest rate of {{result.interestRateFormatted}} for the {{getYearsAndMonth(result.remainingTerm)}}. Over this period, the mortgage will cost: {{result.regularLoanRepaymentFormatted}} (includes capital repaid, {{Math.round(result.regularRemainingCapitalPct, 0) > 0 ? result.regularTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.regularTotalInterestFormatted}}).
  • If you overpay a lump sum of {{result.oneOffPaymentFormatted}} and a {{getFrequencyText(result.overPaymentFrequency).toLowerCase()}} overpayment of {{result.recurringPaymentFormatted}}, you'd be mortgage free {{getYearsAndMonth(result.opTermSaved)}} earlier. Over this period, the mortgage will cost: {{result.opTotalPaymentFormatted}} (includes capital repaid, {{Math.round(result.opRemainingCapitalPct, 0) > 0 ? result.opTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.opTotalInterestFormatted}}).
  • If you overpay a lump sum of {{result.oneOffPaymentFormatted}}, you'd be mortgage free {{getYearsAndMonth(result.opTermSaved)}} earlier. Over this period, the mortgage will cost: {{result.opTotalPaymentFormatted}} (includes capital repaid, {{Math.round(result.opRemainingCapitalPct, 0) > 0 ? result.opTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.opTotalInterestFormatted}}).
  • If you {{getFrequencyText(result.overPaymentFrequency).toLowerCase()}} overpay {{result.recurringPaymentFormatted}}, you'd be mortgage free {{getYearsAndMonth(result.opTermSaved)}} earlier. Over this period, the mortgage will cost: {{result.opTotalPaymentFormatted}} (includes capital repaid, {{Math.round(result.opRemainingCapitalPct, 0) > 0 ? result.opTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.opTotalInterestFormatted}}).
  • If you overpay a lump sum of {{result.oneOffPaymentFormatted}} and a {{getFrequencyText(result.overPaymentFrequency).toLowerCase()}} overpayment of {{result.recurringPaymentFormatted}}, the mortgage will cost: {{result.opTotalPaymentFormatted}} (includes capital repaid, {{Math.round(result.opRemainingCapitalPct, 0) > 0 ? result.opTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.opTotalInterestFormatted}}).
  • If you overpay a lump sum of {{result.oneOffPaymentFormatted}}, the mortgage will cost: {{result.opTotalPaymentFormatted}} (includes capital repaid, {{Math.round(result.opRemainingCapitalPct, 0) > 0 ? result.opTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.opTotalInterestFormatted}}).
  • If you {{getFrequencyText(result.overPaymentFrequency).toLowerCase()}} overpay {{result.recurringPaymentFormatted}}, the mortgage will cost: {{result.opTotalPaymentFormatted}} (includes capital repaid, {{Math.round(result.opRemainingCapitalPct, 0) > 0 ? result.opTotalCapitalRepaidFormatted : result.mortgageAmountFormatted }} + total interest {{result.opTotalInterestFormatted}}).
To make the results more useful, we're searching for the best buys that match your details.
Your remaining debt
Initial term ends at
YearBalanceLoan repaymentOverpaymentInterest chargedCapital repaidCapital outstanding(%)
{{x.indexFormatted}}{{x.openingBalanceFormatted}}{{x.loanRepaymentFormatted}}{{x.overPaymentFormatted}}{{x.interestChargedFormatted}}{{x.capitalRepaidFormatted}}{{x.capitalPctOutstandingFormatted}}
Your remaining debt
Initial term ends at
YearBalanceLoan repaymentInterest chargedCapital repaidCapital outstanding(%)
{{x.indexFormatted}}{{x.openingBalanceFormatted}}{{x.loanRepaymentFormatted}}{{x.interestChargedFormatted}}{{x.capitalRepaidFormatted}}{{x.capitalPctOutstandingFormatted}}
Your mortgage debt over time
Hover over the chart to see the mortgage debt for particular month.

A mortgage is primary borrowing secured against a property, typically you will not be able to borrow more than 95% of the property value or more than around 4.5x your gross annual income.

The LTV is the amount of borrowing as a percentage of the property value. If you have a 5% deposit, the LTV will be 95%, if you have a deposit of 30%, the LTV will be 70% and so on.

A repayment mortgage is one where you will pay off a proportion of the borrowing each month. At the start of the mortgage term, you will pay more interest than at the end as the amount of borrowing outstanding is higher.

Unlike a repayment mortgage, with an Interest only mortgage you will only pay the "interest" owed each month. As a result you will have to repay the same amount at the end of the mortgage term as at the start. Banks and Building Societies will need to have evidence of how you intend to pay off the mortgage at the end of the term should you wish to apply for one.
Interest only mortgages are usually only available to borrowers with more than 25% equity in their property.

The deposit is the amount of money you can put down towards buying a property. Remember when saving for a property, you will have to pay stamp duty, buy white goods and furnish your property and so discount your estimate off what that is likely to cost from any savings you may have.

The mortgage term is the full length of time it will take for the mortgage to be paid off with a repayment mortgage or the number of years before you have to pay back the money to the bank on an interest only mortgage.

The Annual Percentage Rate (APR) is the amount of interest you will pay on your borrowing in a given year. Your monthly payments will be consistent (assuming the interest rate doesn't change), but the amount of interest you pay each month and year will drop and the amount of capital you repay will increase as you pay off more of your mortgage.
2% of £100,000 = £2,000
2% of 10,000 = £200

The initial rate or initial interest rate is the amount of interest payable for the duration of any introductory deal on a mortgage. It is important to consider the impact of fees in addition to the initial rate. To make this easier, Everything Financial mortgage best buys include the "annual cost for comparison", to allow different deals with different terms to be compared fairly.

Mortgage deals with an initial interest rate, move to a different (usually more expensive) variable rate at the end of the initial period. This is often referred to as the "goto" rate. No one taking out a mortgage should ever intend to pay this rate and have organised a remortgage to coincide with the end of their fixed deal.

A fixed mortgage will have an interest rate that cannot change for a specified duration, usually between 2 and 7 years, after which point it will move onto a variable rate, usually connected to the Bank of England's base rate

Tracker mortgages will track the Bank of England's base rate + a set percentage on top for the duration of the term. There are also discount trackers and discount variable mortgages that are similar, but that move to a higher variable rate after a set period.

There are a range of fees that could be charged with your mortgage, the booking and survey fee will usually be payable irrespective of whether you take the mortgage. The arrangement fee will be charged for actually setting up the mortgage and then there are other fees they can charge too.

As an applicant, you will need to consider whether you wish to add the fees to your mortgage, doing so will only add around £3 to your monthly costs (at 2% APRC), but over the life of the mortgage you will pay £450 in Interest. If you add new fees every couple of years when remortgaging, you could easily cost yourself thousands in extra interest.

Calculating roughly how much you can borrow is simpler than most lenders and brokers like to admit.

The amount you can borrow will be the lowest of:

  • 95% LTV
  • 4.5 - 5x gross income
  • Net free income
95% LTV
Although there are 100% LTV mortgages in the market, they account for less than 1% of all the mortgage products available and are usually only available to the very best applicants who have other assets that they could use to pay down the mortgage.

When calculating how much you can borrow, working out how much you could borrow with a 5% deposit is a good starting point.
4.5 to 5x earnings
Although lenders will calculate what they believe you can affordably borrow, they also have fixed rules that prevent you from ever borrowing more than between 4.5x your salary.
Your affordability
When you apply for a mortgage, you will be asked a lot of questions about your living expenses and may have to provide bank statements to back up any claims you make. From this and other data, lenders will calculate how much "net free" (spare) income you have before your mortgage each month.

Lenders will then look at the goto rate on the mortgage, add approximately 3% to that (to ensure you can endure interest rates being hiked). They will then recalculate your monthly payments, if you can afford them, you won't breach the hard rules on salary salary multiples and you have sufficient money for your deposit, you are likely to be accepted for that amount of borrowing.

The question of whether you will be accepted for a mortgage and how much a lender is willing to lend are slightly separate.

In the first instance, lenders will assess the information on your credit file as well as your personal circumstances to determine whether they believe you are someone they can trust to lend to at all.

Once a lender has determined whether they will lend to you, they will then determine how much they are willing to lend.

Each month you pay your mortgage, the outstanding debt is reduced and with that, the amount of interest payable also reduces. This means that at the start of the loan period you will pay off a much smaller percentage of the principal than at the end. This is illustrated in the graph and shown in the table. The results assume that the interest rates will not change over the life of the mortgage, your actual repayments may be different if they do and you are outside of a fixed rate period.

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