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How Are My Mortgage Repayments Calculated? 

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Calculating mortgage payments requires complicated mathematical equations, the good news is that there are brilliant mortgage calculators available that will do the arduous work for you.

To calculate how much your monthly repayments are going to be on a mortgage, here is a guide to using our mortgage calculator effectively. For more bespoke situations such as mortgages for over 60s and bad credit mortgages etc., it is always best to speak with one of our team for a personalised quotation as you may require a specialist lender and a mortgage calculator will be inaccurate.

Mortgage repayments are calculated using: 

Purchase or Property Price 

Here you enter the purchase price of the property you are looking to buy, alternatively, if you are looking to remortgage, your property’s current value. 


If you are looking to purchase a new property, in this box you can enter the amount of deposit that you have available. The bigger the down-payment you have, the cheaper your mortgage payment will be.

Also, mortgage interest rates are issued in bands based on lending risk, therefore an applicant with a 60% loan to value ratio will be less risk, therefore pay a better rate than an applicant borrowing 95%. To get a first time buyer mortgage, you will need a minimum of 5% deposit for a purchase, this can come from savings and/or a family gift.

If you are looking to buy your council house and require a right to buy mortgage, the discount received from the council will act as your deposit amount. 

Loan Amount 

This will automatically calculate how much you need to borrow on a mortgage. The bigger the mortgage, the larger your monthly repayments will be. 

Interest Rate 

As a general guide, our mortgage calculator defaults to a general interest rate that can be used to give you an idea of how much your monthly payments will be. For a personalised quotation please schedule a free, no-obligation call with our mortgage broker team, it is quick and easy. 

Loan Duration 

This is a mortgage term field, here you can change the number of years that your mortgage is paid over. The longer the period, the cheaper your payment will be, however, the more interest you will pay over the term of your mortgage. You will find it interesting to play with the figures here and see the difference between the different terms.

If you are looking for a 50+ mortgage, then there are more factors to consider as you may require a more specialist product. With some lifetime mortgages, which are aimed at those aged 55+ that are income poor, but equity rich, monthly repayments are optional. 

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Author Image of Malcolm Davidson - Managing Director of UK Moneyman Ltd.

About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

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