Payments by rate and term
| Rate | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|
| 4.13% | £1,791 | £1,471 | £1,284 | £1,164 |
| 4.63% | £1,852 | £1,535 | £1,352 | £1,235 |
| 5.13% | £1,914 | £1,601 | £1,421 | £1,308 |
| 5.63% | £1,978 | £1,669 | £1,493 | £1,382 |
| 6.13% | £2,042 | £1,737 | £1,565 | £1,459 |
How it's calculated
The principal-and-interest payment uses the standard annuity formula:
M = P × r / (1 − (1 + r)^−n)
P is the loan amount, r the monthly rate and n the number of monthly payments.
Official source: Bank of England Database, series IUMBV34 (quoted household rate, 2-year fixed, 75% LTV). Rates checked on Oct 25, 2026.
Questions people ask
How much does each 1% of interest rate add?
On £240,000 over 30 years, the payment at 5.13% is £1,308 and at 6.13% it is £1,459 a month.
Should I choose a 15 or 30-year term?
A shorter term has a higher monthly payment but far less total interest. The table above shows both.
Reviewed by Soufyane S.. Last updated Oct 25, 2026. How we check numbers
Estimates for information only, not tax, legal or financial advice. Check with an adviser or the official tax authority.