Mortgage Repayment Calculator

Our mortgage calculator gives a helpful estimate of your potential monthly payments based on your mortgage amount, interest rate and term length.

However, the accuracy of the calculator can vary depending on the accuracy of the information provided.

While a calculator is a great starting point, for precise figures it’s always best to speak to a mortgage advisor who can take all factors into account and tailor advice to your specific circumstances.

Interest rates play a key role in determining the cost of your monthly mortgage payments.

When interest rates are low, your payments are likely to be lower as more of your payment goes towards paying off the capital.

However, if interest rates rise, your monthly payments will increase, as a larger portion will go towards covering the interest.

Whether you have a fixed-rate or variable-rate mortgage will also impact how sensitive your payments are to changes in interest rates. A fixed-rate mortgage offers stability by keeping payments the same, while a variable-rate mortgage can fluctuate with market conditions​.

If you’re uncertain, speaking with a mortgage broker like us can help you understand how future interest rate changes might affect your budget.

Your loan value decreases over time as you make your monthly mortgage payments, with each payment contributing towards both the interest and the loan balance (the principal).

The speed at which the loan decreases depends on the type of mortgage you have. With a repayment mortgage, each payment gradually reduces both the interest owed and the principal, so your loan balance decreases steadily.

With an interest-only mortgage, you’re only paying the interest each month, meaning the loan balance remains unchanged until you repay the capital in full at the end of the term​.

The amount you can borrow depends on several factors, including your income, outgoings, credit history, and the size of your deposit.

Lenders often use a multiple of your annual salary (typically around 4 to 4.5 times your income) as a guide, but they will also assess your affordability based on your monthly expenses and financial commitments.

For a quick and personalised estimate, you can use our How Much Can I Borrow Calculator to get an idea of your potential borrowing capacity.

For more detailed advice tailored to your situation, speaking to a mortgage broker is always a smart next step​.

Using a mortgage broker can make a significant difference when navigating the mortgage process. Brokers have access to a wide range of lenders and deals that may not be available directly to the public.

They can help you find the most suitable mortgage based on your financial situation and preferences, saving you time and potentially securing better rates.

As a broker, we also handle much of the paperwork and liaise with lenders on your behalf, simplifying the process from start to finish.