UK Mortgage Calculator (Enhanced)
Calculate your monthly mortgage payments, see detailed payment breakdowns, and explore overpayment scenarios to save thousands in interest.
Mortgage Details
£
£
20% of property price (LTV: 80%)
%
💰 Overpayment Options
£
£
Your Results
Monthly Payment
£0
Loan Amount
£0
Total Interest
£0
Total Repayment
£0
Interest Rate Type
Fixed
💡 Overpayment Impact
Time Saved
0 years
Interest Saved
£0
New Payoff Date
-
📊 Detailed Payment Schedule
See how your mortgage balance decreases over time
| Period | Payment | Principal | Interest | Remaining Balance | Total Interest Paid |
|---|
📚 Mortgage Jargon Buster
Click on any term to learn more
LTV (Loan to Value)
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The percentage of the property value you're borrowing. For example, with a £80,000 deposit on a £400,000 property, your LTV is 80%. Lower LTV usually means better interest rates.
Principal
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The original amount you borrowed (property price minus deposit). This is the money you need to pay back, excluding interest.
Interest Rate
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The percentage charged by the lender on top of the principal. It can be fixed (stays the same for a set period) or variable (changes with Bank of England base rate).
Mortgage Term
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The length of time you have to pay back your mortgage. Common terms are 25-30 years. Longer terms = lower monthly payments but more interest overall.
Repayment Mortgage
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Each month you pay off both the interest and part of the principal. By the end of the term, you'll own the property outright. This is the most common and recommended type.
Interest-Only Mortgage
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You only pay the interest each month. The principal stays the same. At the end of the term, you must repay the full amount borrowed in one lump sum. Riskier and harder to get.
Overpayment
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Paying extra each month or making lump sum payments to reduce your mortgage faster. Can save thousands in interest! Most lenders allow up to 10% overpayment per year without penalties.
Fixed Rate
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Your interest rate stays the same for a set period (usually 2-5 years). Gives payment certainty but usually has early repayment charges if you want to leave early.
Variable Rate
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Your interest rate can change, usually following the Bank of England base rate. Can be a tracker (follows base rate exactly) or SVR (Standard Variable Rate - lender decides).
Mortgage in Principle (MIP)
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Also called Agreement in Principle (AIP). A statement from a lender saying how much they'd likely lend you. Useful when house hunting to show sellers you're serious. Usually valid for 60-90 days.
Remortgage
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Switching your mortgage to a new lender or deal, usually when your fixed rate ends. Can save money by getting a better interest rate. Shop around 3-6 months before your current deal ends.
Early Repayment Charge (ERC)
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A fee charged if you pay off your mortgage early or overpay beyond the allowed limit (usually 10%). Common on fixed-rate mortgages. Can be 1-5% of the outstanding balance.
How This Enhanced Calculator Works
Our enhanced mortgage calculator provides detailed insights into your mortgage:
- Detailed Breakdowns: See exactly how much of each payment goes to principal vs interest
- Payment Schedule: View year-by-year or month-by-month payment progression
- Overpayment Scenarios: Model both regular monthly overpayments and one-time lump sum payments
- Interactive Visuals: Charts and graphs to visualize your mortgage journey
- PDF Export: Save and share your results
⚠️ Disclaimer: This calculator provides estimates based on the information you provide. Actual mortgage offers may differ. Interest rates, fees, and terms vary between lenders. This tool is for guidance only and does not constitute financial advice. Always consult with a qualified mortgage advisor before making decisions.