# Mortgage Calculator

> Monthly mortgage repayments and total interest at today's average UK fixed rate, with a yearly balance table.

URL: https://paycheck-math.com/uk/mortgage-calculator/  
Breadcrumbs: Home > United Kingdom > Mortgage Calculator  
Language: en-GB  
Rates checked: 2026-10-25  

Monthly payment, total interest and the balance left each year for any home price, down payment, rate and term. The starting rate of 5.13% is the average 2-year fixed rate (2026-09-30).

## Result with default inputs

Inputs: price=300000, down=60000, rate=5.13, years=25, compounding=monthly

**Monthly payment: £1,421.25**

- Loan amount: £240,000.00
- Total interest: £186,376.17

| Line | Item | Amount |
| --- | --- | --- |
| 1 | Principal and interest | £1,421.25 |
| 2 | **Monthly payment** | £1,421.25 |


To compute other inputs, call the JSON API: `https://paycheck-math.com/api/v1/calculate?path=%2Fuk%2Fmortgage-calculator%2F&price=300000&down=60000&rate=5.13` or open the page URL with the same query parameters.

## Payments by rate and term

_Monthly principal and interest on a £240,000 loan_

| 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)](https://www.bankofengland.co.uk/boeapps/database/_iadb-fromshowcolumns.asp?csv.x=yes&Datefrom=01/Aug/2026&Dateto=now&SeriesCodes=IUMBV34,IUMB482,IUMBV42&CSVF=TN&UsingCodes=Y&VPD=Y&VFD=N). 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.

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Estimates for information only, not tax, legal or financial advice. Check with an adviser or the official tax authority.