The UK Mortgage Calculator is mainly intended for United Kingdom residents using the British Pound currency.
Interest Only: £1,562.50
Monthly Repayment: £2,192.21
Monthly
Total
Mortgage Payment
£2,192.21
£657,663.80
Taxes
£500.00
£150,000.00
Home Insurance
£208.33
£62,500.00
Other Costs
£500.00
£150,000.00
Total Out-of-Pocket
£3,400.55
£1,020,163.80
Loan Amount
£375,000.00
Mortgage Deposit
£125,000.00
Total Interest
£282,663.80
Amortization schedule
Month
Date
Interest
Principal
Ending Balance
1
10/2024
£1,562
£630
£374,370
2
11/2024
£1,560
£632
£373,738
3
12/2024
£1,557
£635
£373,103
4
1/2025
£1,555
£638
£372,465
5
2/2025
£1,552
£640
£371,825
6
3/2025
£1,549
£643
£371,182
7
4/2025
£1,547
£646
£370,537
8
5/2025
£1,544
£648
£369,888
9
6/2025
£1,541
£651
£369,237
10
7/2025
£1,538
£654
£368,583
11
8/2025
£1,536
£656
£367,927
12
9/2025
£1,533
£659
£367,268
End of year 1
13
10/2025
£1,530
£662
£366,606
14
11/2025
£1,528
£665
£365,941
15
12/2025
£1,525
£667
£365,274
16
1/2026
£1,522
£670
£364,604
17
2/2026
£1,519
£673
£363,931
18
3/2026
£1,516
£676
£363,255
19
4/2026
£1,514
£679
£362,576
20
5/2026
£1,511
£681
£361,895
21
6/2026
£1,508
£684
£361,210
22
7/2026
£1,505
£687
£360,523
23
8/2026
£1,502
£690
£359,833
24
9/2026
£1,499
£693
£359,140
End of year 2
25
10/2026
£1,496
£696
£358,444
26
11/2026
£1,494
£699
£357,746
27
12/2026
£1,491
£702
£357,044
28
1/2027
£1,488
£705
£356,339
29
2/2027
£1,485
£707
£355,632
30
3/2027
£1,482
£710
£354,922
31
4/2027
£1,479
£713
£354,208
32
5/2027
£1,476
£716
£353,492
33
6/2027
£1,473
£719
£352,773
34
7/2027
£1,470
£722
£352,050
35
8/2027
£1,467
£725
£351,325
36
9/2027
£1,464
£728
£350,597
End of year 3
37
10/2027
£1,461
£731
£349,865
38
11/2027
£1,458
£734
£349,131
39
12/2027
£1,455
£738
£348,393
40
1/2028
£1,452
£741
£347,653
41
2/2028
£1,449
£744
£346,909
42
3/2028
£1,445
£747
£346,162
43
4/2028
£1,442
£750
£345,412
44
5/2028
£1,439
£753
£344,659
45
6/2028
£1,436
£756
£343,903
46
7/2028
£1,433
£759
£343,144
47
8/2028
£1,430
£762
£342,381
48
9/2028
£1,427
£766
£341,616
End of year 4
49
10/2028
£1,423
£769
£340,847
50
11/2028
£1,420
£772
£340,075
51
12/2028
£1,417
£775
£339,300
52
1/2029
£1,414
£778
£338,521
53
2/2029
£1,411
£782
£337,740
54
3/2029
£1,407
£785
£336,955
55
4/2029
£1,404
£788
£336,166
56
5/2029
£1,401
£792
£335,375
57
6/2029
£1,397
£795
£334,580
58
7/2029
£1,394
£798
£333,782
59
8/2029
£1,391
£801
£332,981
60
9/2029
£1,387
£805
£332,176
End of year 5
61
10/2029
£1,384
£808
£331,368
62
11/2029
£1,381
£812
£330,556
63
12/2029
£1,377
£815
£329,741
64
1/2030
£1,374
£818
£328,923
65
2/2030
£1,371
£822
£328,101
66
3/2030
£1,367
£825
£327,276
67
4/2030
£1,364
£829
£326,447
68
5/2030
£1,360
£832
£325,615
69
6/2030
£1,357
£835
£324,780
70
7/2030
£1,353
£839
£323,941
71
8/2030
£1,350
£842
£323,099
72
9/2030
£1,346
£846
£322,253
End of year 6
73
10/2030
£1,343
£849
£321,403
74
11/2030
£1,339
£853
£320,550
75
12/2030
£1,336
£857
£319,693
76
1/2031
£1,332
£860
£318,833
77
2/2031
£1,328
£864
£317,970
78
3/2031
£1,325
£867
£317,102
79
4/2031
£1,321
£871
£316,231
80
5/2031
£1,318
£875
£315,357
81
6/2031
£1,314
£878
£314,478
82
7/2031
£1,310
£882
£313,597
83
8/2031
£1,307
£886
£312,711
84
9/2031
£1,303
£889
£311,822
End of year 7
85
10/2031
£1,299
£893
£310,929
86
11/2031
£1,296
£897
£310,032
87
12/2031
£1,292
£900
£309,132
88
1/2032
£1,288
£904
£308,228
89
2/2032
£1,284
£908
£307,320
90
3/2032
£1,280
£912
£306,408
91
4/2032
£1,277
£916
£305,492
92
5/2032
£1,273
£919
£304,573
93
6/2032
£1,269
£923
£303,650
94
7/2032
£1,265
£927
£302,723
95
8/2032
£1,261
£931
£301,792
96
9/2032
£1,257
£935
£300,857
End of year 8
97
10/2032
£1,254
£939
£299,919
98
11/2032
£1,250
£943
£298,976
99
12/2032
£1,246
£946
£298,030
100
1/2033
£1,242
£950
£297,079
101
2/2033
£1,238
£954
£296,125
102
3/2033
£1,234
£958
£295,166
103
4/2033
£1,230
£962
£294,204
104
5/2033
£1,226
£966
£293,238
105
6/2033
£1,222
£970
£292,267
106
7/2033
£1,218
£974
£291,293
107
8/2033
£1,214
£978
£290,314
108
9/2033
£1,210
£983
£289,332
End of year 9
109
10/2033
£1,206
£987
£288,345
110
11/2033
£1,201
£991
£287,354
111
12/2033
£1,197
£995
£286,360
112
1/2034
£1,193
£999
£285,360
113
2/2034
£1,189
£1,003
£284,357
114
3/2034
£1,185
£1,007
£283,350
115
4/2034
£1,181
£1,012
£282,338
116
5/2034
£1,176
£1,016
£281,322
117
6/2034
£1,172
£1,020
£280,302
118
7/2034
£1,168
£1,024
£279,278
119
8/2034
£1,164
£1,029
£278,250
120
9/2034
£1,159
£1,033
£277,217
End of year 10
121
10/2034
£1,155
£1,037
£276,180
122
11/2034
£1,151
£1,041
£275,138
123
12/2034
£1,146
£1,046
£274,092
124
1/2035
£1,142
£1,050
£273,042
125
2/2035
£1,138
£1,055
£271,988
126
3/2035
£1,133
£1,059
£270,929
127
4/2035
£1,129
£1,063
£269,865
128
5/2035
£1,124
£1,068
£268,798
129
6/2035
£1,120
£1,072
£267,725
130
7/2035
£1,116
£1,077
£266,649
131
8/2035
£1,111
£1,081
£265,568
132
9/2035
£1,107
£1,086
£264,482
End of year 11
133
10/2035
£1,102
£1,090
£263,392
134
11/2035
£1,097
£1,095
£262,297
135
12/2035
£1,093
£1,099
£261,198
136
1/2036
£1,088
£1,104
£260,094
137
2/2036
£1,084
£1,108
£258,985
138
3/2036
£1,079
£1,113
£257,872
139
4/2036
£1,074
£1,118
£256,754
140
5/2036
£1,070
£1,122
£255,632
141
6/2036
£1,065
£1,127
£254,505
142
7/2036
£1,060
£1,132
£253,373
143
8/2036
£1,056
£1,136
£252,237
144
9/2036
£1,051
£1,141
£251,095
End of year 12
145
10/2036
£1,046
£1,146
£249,949
146
11/2036
£1,041
£1,151
£248,799
147
12/2036
£1,037
£1,156
£247,643
148
1/2037
£1,032
£1,160
£246,483
149
2/2037
£1,027
£1,165
£245,318
150
3/2037
£1,022
£1,170
£244,147
151
4/2037
£1,017
£1,175
£242,973
152
5/2037
£1,012
£1,180
£241,793
153
6/2037
£1,007
£1,185
£240,608
154
7/2037
£1,003
£1,190
£239,418
155
8/2037
£998
£1,195
£238,224
156
9/2037
£993
£1,200
£237,024
End of year 13
157
10/2037
£988
£1,205
£235,819
158
11/2037
£983
£1,210
£234,610
159
12/2037
£978
£1,215
£233,395
160
1/2038
£972
£1,220
£232,175
161
2/2038
£967
£1,225
£230,951
162
3/2038
£962
£1,230
£229,721
163
4/2038
£957
£1,235
£228,486
164
5/2038
£952
£1,240
£227,245
165
6/2038
£947
£1,245
£226,000
166
7/2038
£942
£1,251
£224,750
167
8/2038
£936
£1,256
£223,494
168
9/2038
£931
£1,261
£222,233
End of year 14
169
10/2038
£926
£1,266
£220,967
170
11/2038
£921
£1,272
£219,695
171
12/2038
£915
£1,277
£218,418
172
1/2039
£910
£1,282
£217,136
173
2/2039
£905
£1,287
£215,849
174
3/2039
£899
£1,293
£214,556
175
4/2039
£894
£1,298
£213,258
176
5/2039
£889
£1,304
£211,954
177
6/2039
£883
£1,309
£210,645
178
7/2039
£878
£1,315
£209,330
179
8/2039
£872
£1,320
£208,010
180
9/2039
£867
£1,326
£206,685
End of year 15
181
10/2039
£861
£1,331
£205,354
182
11/2039
£856
£1,337
£204,017
183
12/2039
£850
£1,342
£202,675
184
1/2040
£844
£1,348
£201,327
185
2/2040
£839
£1,353
£199,974
186
3/2040
£833
£1,359
£198,615
187
4/2040
£828
£1,365
£197,250
188
5/2040
£822
£1,370
£195,880
189
6/2040
£816
£1,376
£194,504
190
7/2040
£810
£1,382
£193,122
191
8/2040
£805
£1,388
£191,735
192
9/2040
£799
£1,393
£190,341
End of year 16
193
10/2040
£793
£1,399
£188,942
194
11/2040
£787
£1,405
£187,537
195
12/2040
£781
£1,411
£186,126
196
1/2041
£776
£1,417
£184,710
197
2/2041
£770
£1,423
£183,287
198
3/2041
£764
£1,429
£181,859
199
4/2041
£758
£1,434
£180,424
200
5/2041
£752
£1,440
£178,984
201
6/2041
£746
£1,446
£177,537
202
7/2041
£740
£1,452
£176,085
203
8/2041
£734
£1,459
£174,626
204
9/2041
£728
£1,465
£173,162
End of year 17
205
10/2041
£722
£1,471
£171,691
206
11/2041
£715
£1,477
£170,214
207
12/2041
£709
£1,483
£168,731
208
1/2042
£703
£1,489
£167,242
209
2/2042
£697
£1,495
£165,747
210
3/2042
£691
£1,502
£164,245
211
4/2042
£684
£1,508
£162,737
212
5/2042
£678
£1,514
£161,223
213
6/2042
£672
£1,520
£159,703
214
7/2042
£665
£1,527
£158,176
215
8/2042
£659
£1,533
£156,643
216
9/2042
£653
£1,540
£155,103
End of year 18
217
10/2042
£646
£1,546
£153,557
218
11/2042
£640
£1,552
£152,005
219
12/2042
£633
£1,559
£150,446
220
1/2043
£627
£1,565
£148,881
221
2/2043
£620
£1,572
£147,309
222
3/2043
£614
£1,578
£145,730
223
4/2043
£607
£1,585
£144,145
224
5/2043
£601
£1,592
£142,554
225
6/2043
£594
£1,598
£140,955
226
7/2043
£587
£1,605
£139,350
227
8/2043
£581
£1,612
£137,739
228
9/2043
£574
£1,618
£136,121
End of year 19
229
10/2043
£567
£1,625
£134,496
230
11/2043
£560
£1,632
£132,864
231
12/2043
£554
£1,639
£131,225
232
1/2044
£547
£1,645
£129,580
233
2/2044
£540
£1,652
£127,927
234
3/2044
£533
£1,659
£126,268
235
4/2044
£526
£1,666
£124,602
236
5/2044
£519
£1,673
£122,929
237
6/2044
£512
£1,680
£121,249
238
7/2044
£505
£1,687
£119,562
239
8/2044
£498
£1,694
£117,868
240
9/2044
£491
£1,701
£116,167
End of year 20
241
10/2044
£484
£1,708
£114,459
242
11/2044
£477
£1,715
£112,743
243
12/2044
£470
£1,722
£111,021
244
1/2045
£463
£1,730
£109,291
245
2/2045
£455
£1,737
£107,555
246
3/2045
£448
£1,744
£105,810
247
4/2045
£441
£1,751
£104,059
248
5/2045
£434
£1,759
£102,300
249
6/2045
£426
£1,766
£100,535
250
7/2045
£419
£1,773
£98,761
251
8/2045
£412
£1,781
£96,980
252
9/2045
£404
£1,788
£95,192
End of year 21
253
10/2045
£397
£1,796
£93,397
254
11/2045
£389
£1,803
£91,594
255
12/2045
£382
£1,811
£89,783
256
1/2046
£374
£1,818
£87,965
257
2/2046
£367
£1,826
£86,139
258
3/2046
£359
£1,833
£84,306
259
4/2046
£351
£1,841
£82,465
260
5/2046
£344
£1,849
£80,616
261
6/2046
£336
£1,856
£78,760
262
7/2046
£328
£1,864
£76,896
263
8/2046
£320
£1,872
£75,024
264
9/2046
£313
£1,880
£73,145
End of year 22
265
10/2046
£305
£1,887
£71,257
266
11/2046
£297
£1,895
£69,362
267
12/2046
£289
£1,903
£67,459
268
1/2047
£281
£1,911
£65,548
269
2/2047
£273
£1,919
£63,629
270
3/2047
£265
£1,927
£61,701
271
4/2047
£257
£1,935
£59,766
272
5/2047
£249
£1,943
£57,823
273
6/2047
£241
£1,951
£55,872
274
7/2047
£233
£1,959
£53,912
275
8/2047
£225
£1,968
£51,945
276
9/2047
£216
£1,976
£49,969
End of year 23
277
10/2047
£208
£1,984
£47,985
278
11/2047
£200
£1,992
£45,993
279
12/2047
£192
£2,001
£43,992
280
1/2048
£183
£2,009
£41,983
281
2/2048
£175
£2,017
£39,966
282
3/2048
£167
£2,026
£37,940
283
4/2048
£158
£2,034
£35,906
284
5/2048
£150
£2,043
£33,864
285
6/2048
£141
£2,051
£31,812
286
7/2048
£133
£2,060
£29,753
287
8/2048
£124
£2,068
£27,685
288
9/2048
£115
£2,077
£25,608
End of year 24
289
10/2048
£107
£2,086
£23,522
290
11/2048
£98
£2,094
£21,428
291
12/2048
£89
£2,103
£19,325
292
1/2049
£81
£2,112
£17,213
293
2/2049
£72
£2,120
£15,093
294
3/2049
£63
£2,129
£12,964
295
4/2049
£54
£2,138
£10,825
296
5/2049
£45
£2,147
£8,678
297
6/2049
£36
£2,156
£6,522
298
7/2049
£27
£2,165
£4,357
299
8/2049
£18
£2,174
£2,183
300
9/2049
£9
£2,183
£0
End of year 25
Year
Date
Interest
Principal
Ending Balance
1
10/24-9/25
£18,574
£7,732
£367,268
2
10/25-9/26
£18,179
£8,128
£359,140
3
10/26-9/27
£17,763
£8,544
£350,597
4
10/27-9/28
£17,326
£8,981
£341,616
5
10/28-9/29
£16,866
£9,440
£332,176
6
10/29-9/30
£16,383
£9,923
£322,253
7
10/30-9/31
£15,876
£10,431
£311,822
8
10/31-9/32
£15,342
£10,964
£300,857
9
10/32-9/33
£14,781
£11,525
£289,332
10
10/33-9/34
£14,191
£12,115
£277,217
11
10/34-9/35
£13,572
£12,735
£264,482
12
10/35-9/36
£12,920
£13,386
£251,095
13
10/36-9/37
£12,235
£14,071
£237,024
14
10/37-9/38
£11,515
£14,791
£222,233
15
10/38-9/39
£10,759
£15,548
£206,685
16
10/39-9/40
£9,963
£16,343
£190,341
17
10/40-9/41
£9,127
£17,180
£173,162
18
10/41-9/42
£8,248
£18,059
£155,103
19
10/42-9/43
£7,324
£18,982
£136,121
20
10/43-9/44
£6,353
£19,954
£116,167
21
10/44-9/45
£5,332
£20,975
£95,192
22
10/45-9/46
£4,259
£22,048
£73,145
23
10/46-9/47
£3,131
£23,176
£49,969
24
10/47-9/48
£1,945
£24,361
£25,608
25
10/48-9/49
£699
£25,608
£0
In the United Kingdom (UK), it is usually very helpful when potential mortgage borrowers show good preparation for the process by bringing along all the information that may be required when applying for a mortgage at a bank, such as:
addresses for the last three years, no gaps
income information for the last three months, as well as three years of income records
bank statements for the past three months, though it can help to have more
documentation of loans or credit cards
On top of that, a good second step is to check credit scores and raise any questionable negative marks with the banker that issues the mortgage. Assuming good credit in the UK, it is possible to borrow with a relatively small down payment. There are many mortgage loan products requiring deposits of 5% or less of the property value, though it can change accordingly with market conditions.
Tracker Mortgage
A tracker mortgage is a type of mortgage that follows the movements of other rates, the most common of which is the Bank of England base rate. Most banks in the UK favor variable-rate mortgages in one form or another. Therefore, there are a wider variety of mortgages of this type in the UK. Some mortgages start out as trackers and, after a few years, become standard variable-rate mortgages.
Introductory tracker rates can be among the lowest mortgage interest rates available. However, like all variable rates, they can go up as well as down. Also, most introductory tracker rates will likely have an early repayment charge when remortgaged or repaid during the introductory period. Borrowers with a lifetime tracker mortgage can expect to see early repayment charges for a period after being taken out.
Flexible Mortgage
A flexible mortgage is a mortgage type that allows the borrower to overpay, underpay, or take a payment holiday from a mortgage from time to time. The overpayment feature can be used to pay the loan down faster, either in lump sums or as part of the regular payment process. The underpayment feature is used to make lower monthly payments from time to time, and payment holidays can be used to avoid payment for brief stints, sometimes up to six months. However, these features usually come with special charges and conditions, so shop around carefully and compare the costs of flexible mortgages.
Stamp Duty
A unique aspect of mortgages in the UK is stamp duty, which is a tax that is charged as a percentage of the purchase price when a property is bought. Depending on the price bracket that the property falls in, the percentage can vary:
Up to £250,000
0%
From £250,001 to £925,000
5%
From £925,001 to £1,500,000
10%
Over £1,500,001
12%
There is a special discount (relief) for first-time buyers if the purchase price is £625,000 or less. Stamp tax is not applicable for first-time buyers of properties worth £425,000 or less and the existing rate of 5% will apply between £425,000 and £625,000. Properties over £625,000 follow the same rules as buyers not buying for the first time.
There are other special rules that apply in regards to stamp duty in the UK, such as higher rates for additional properties and different rates in different countries. Furthermore, special rules apply in specific instances, including the replacement of a main residence, when corporate bodies or shared ownership properties are involved, when buying six or more properties in one transaction, for multiple transfers between the same buyers and sellers, and many more. Stamp duty can be complex, and it is best to consult professionals to determine the precise rate that will be charged on any property purchase.