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Mortgage Repayment Calculator 2026

Calculate your exact monthly mortgage payment, total interest cost and see your full amortisation schedule. UK, US, Canada and Australia rates included. See the powerful impact of overpayments.

📅 Last updated: May 2026 · Sources: HMRC, CFPB, CMHC, ATO

🇬🇧 UK rates 🇺🇸 US rates 🇨🇦 Canada rates 🇦🇺 Australia rates
🏦 Mortgage Details
£
%

Monthly Overpayment (optional)

£

See how much interest you save

🏦 Repayment Breakdown
Monthly Payment
£0
Total Amount Repaid
£0
Total Interest
£0
Interest as % of Loan
0%
Capital vs Interest Split
Outstanding Balance Over Time
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Understanding Mortgage Repayments

Your monthly mortgage payment is made up of two parts: capital (repaying the loan) and interest (the lender's charge for borrowing). In the early years of a repayment mortgage, most of each payment goes to interest. As you pay down the principal, the interest portion shrinks and your equity builds faster.

💡 The Power of Overpaying

Overpaying just £200/month on a £200,000 mortgage at 5% saves over £30,000 in interest and cuts 4+ years off your mortgage. Check our overpayment field above to model your own savings.

Current UK Mortgage Rate Guide (2026)

Product TypeTypical Rate (2026)Best For
2-Year Fixed4.50–5.00%Rate certainty, may remortgage soon
5-Year Fixed4.25–4.75%Long-term security, popular choice
10-Year Fixed4.50–5.25%Maximum certainty, less flexibility
Tracker (Base+)4.75–5.50%Rate falls expected, can remortgage
SVR (Reversion)7.50–8.50%Avoid — remortgage when deal ends

FAQs

How is my monthly mortgage payment calculated?+
Your monthly payment is calculated using the standard amortisation formula: P × (r(1+r)^n) / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the total number of payments. This ensures your loan is fully repaid by the end of the term with equal monthly payments throughout.
How much interest will I pay over the full mortgage term?+
Total interest depends on your loan amount, rate and term. A £200,000 mortgage at 5% over 25 years costs around £146,000 in interest — more than two-thirds of the original loan. Overpaying even £100/month can save tens of thousands of pounds in interest.
What is the impact of overpaying my mortgage?+
Overpaying reduces your outstanding balance faster, which means you pay less interest overall and can clear your mortgage years early. Most lenders allow overpayments of up to 10% of the outstanding balance per year without early repayment charges.
What is an amortisation schedule?+
An amortisation schedule is a table showing how each monthly payment is split between interest and capital repayment. Early payments are mostly interest; later payments are mostly capital. Our calculator shows a simplified year-by-year version.
Should I choose a repayment or interest-only mortgage?+
A repayment (capital & interest) mortgage reduces your loan balance every month — you own the property outright at the end of the term. An interest-only mortgage has lower monthly payments but the full loan amount remains outstanding — you must have a separate repayment strategy. Buy-to-let investors sometimes use interest-only for cash flow reasons.

⚠️ This calculator provides illustrative figures only. Actual mortgage payments will depend on your lender's terms, fees and rate. Seek advice from a qualified mortgage broker before making decisions.