How Does a Mortgage Calculator Work?
A mortgage calculator estimates your monthly repayments based on the property price, your deposit, the interest rate and the mortgage term. It uses the standard amortisation formula used by UK lenders to give you an accurate picture of what you'll pay each month.
How Much Deposit Do I Need for a Mortgage in the UK?
Most UK lenders require a minimum deposit of 5–10% of the property price. However, putting down a larger deposit (15–20%) typically unlocks better interest rates, which can save you thousands over the life of your mortgage. Use our calculator above to see how different deposit amounts affect your monthly payments.
What Interest Rate Should I Expect in 2026?
UK mortgage rates in 2026 typically range from 3.5% to 6% depending on the type of deal (fixed vs variable), your deposit size and your credit history. Fixed-rate mortgages offer payment certainty, while tracker mortgages may start lower but can fluctuate with the Bank of England base rate.
Should I Choose a 25 or 30 Year Mortgage?
A 25-year term is the most common in the UK, but extending to 30 or 35 years reduces your monthly payments. The trade-off is that you'll pay significantly more interest over the full term. Try adjusting the term slider above to see the difference.
Tips to Reduce Your Monthly Mortgage Payments
- Save a larger deposit to access lower interest rates
- Improve your credit score before applying
- Compare deals from multiple lenders
- Consider overpaying when possible to reduce total interest
- Use a mortgage broker to find the best rates