phil-spencer

Your trusted property experts

Mortgage Calculator

Share Share article to LinkedIn Share article to Twitter Share article to Facebook

A mortgage calculator will give you an idea of how much you could borrow. It also features a repayment calculator so you can estimate monthly mortgage repayments to work out how much you could afford to borrow if you’re a first-time buyer, moving house or remortgaging.

Mortgage Calculator

How does the mortgage calculator work?

What mortgage can you afford? Using a mortgage calculator will help you budget your finances by calculating an estimate of your monthly mortgage repayments. Calculations are based on the mortgage amount, mortgage term and insert rate you enter.

Once you’ve added the necessary information, the calculator will give you an estimate as to how much you’ll be paying each month. 

Is it accurate?

The value given is a guide. The final amount you’ll be paying will be determined by a number of factors, including your lender and the property you’re buying. 

Although it is an estimate, it is useful to gain an understanding of your monthly repayments. 

Note: this is not the same as a mortgage affordability calculator. This calculates what you could potentially borrow, not how much you’ll be paying each month. 

What are the benefits?

This can help improve your chances of getting a mortgage and make you appear reliable to lenders. 

It gives you a rough idea of whether now’s the right time to buy. It’s not just the initial cost of the property you need to contend with, but also the regular repayments afterwards. Can you afford this? 

How much is a mortgage a month?

The answer to this depends entirely on your individual situation, there’s no one-size-fits-all here. 

You can give yourself more manageable repayments and mortgage interest rates by saving more, to begin with. The higher your deposit, the more likely it is you’ll be given an attractive repayment plan.

Here’s some advice for saving for a house deposit:

  • Get a good understanding of your monthly expenditure and outgoings – where can you cut down? 
  • Have a strict monthly budget and try sticking to it
  • If renting, can you sublet?
  • Consider using a government scheme to maximise your savings
  • Move back in with family to reduce your living costs

Get a mortgage quote

Looking to take that exciting next step? We can connect you with the right people to help make this happen. 

Get a mortgage quote below in a matter of seconds. 

Our recommended mortgage advisers offer fee-free advice in 24 hours and a decision on your mortgage in 5 days. Or they will pay you £100!

Mortgage Quotes

You may have to pay an early repayment charge if you remortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage. Terms and conditions apply to the mortgage decision promise.