Calculate mortgage payments and see how overpayments can save money over time
| Monthly Payment: | $1,334 |
| Total Principal: | $240,000 |
| Total Interest: | $160,199.38 |
| Total Amount Paid: | $400,199.38 |
| Loan to Value (LTV): | 80.0% |
A mortgage is a loan used to buy property or refinance an existing property loan. The borrower repays the lender over time through regular payments that usually include both principal and interest.
This calculator estimates monthly mortgage payments, total interest, total repayment, loan-to-value, and the effect of overpayments. It can help compare scenarios before applying for a mortgage or before changing repayment strategy.
Loan to value, often shortened to LTV, is the mortgage amount compared with the property value. Lower LTV ratios often qualify for better rates because the lender faces less risk.
Fixed rate mortgages keep the same interest rate for a set period, making repayments more predictable. Variable rate mortgages can change over time, which may lower or increase repayments depending on market rates.
Overpayments can reduce mortgage interest and shorten the repayment term. Even modest recurring overpayments can make a noticeable difference over the life of a mortgage.
This calculator provides an estimate only. Actual borrowing costs can depend on fees, taxes, insurance, credit profile, lender rules, and early repayment charges.
This mortgage calculator helps estimate monthly repayments, total interest paid, and the full cost of a mortgage over time. It also shows how overpayments can reduce interest and shorten the mortgage term.
Mortgage payments depend mainly on the property value, deposit, mortgage amount, interest rate, and repayment term. In most repayment mortgages, each payment includes both interest and principal.
At the start of the mortgage, a larger share of the payment often goes toward interest. As the balance falls, more of each payment goes toward the principal.
| Property value | The purchase price or estimated value of the property |
| Deposit | The amount paid upfront, reducing the mortgage needed |
| Mortgage amount | The amount borrowed after subtracting the deposit |
| Interest rate | The cost of borrowing, expressed as a percentage |
| Mortgage term | The number of years over which the mortgage is repaid |
Loan to value is one of the most important mortgage measures. It shows how much is being borrowed compared with the property's value. A lower LTV often means a lower risk profile and may help secure better mortgage rates.
A fixed rate mortgage keeps the same rate for a defined period, which can help with budgeting. A variable rate mortgage can rise or fall, so repayments may change over time. This calculator allows both types to be modelled in a simple way.
Overpaying a mortgage means paying more than the minimum required amount. This can reduce the balance faster, lower total interest, and sometimes cut years off the term.
For borrowers trying to become mortgage-free earlier, overpayments can be one of the most effective strategies, as long as early repayment rules and lender limits are checked first.
This mortgage calculator gives an estimate based on the figures entered. It does not automatically include:
A mortgage calculator is useful for understanding affordability, repayment structure, and the long-term cost of borrowing. It also helps test how interest rates, deposits, and overpayments can change the overall result.