Mortgage Calculator UK
Calculate your UK mortgage monthly payments, total interest, and amortization schedule. Includes stamp duty, home insurance, and other UK-specific costs.
UK Mortgage Calculator
This mortgage calculator is designed for the UK market. Enter your home price, deposit amount, loan term, and interest rate to calculate your monthly repayments. You can optionally include additional costs like home insurance, mortgage insurance, and other expenses to see your total monthly out-of-pocket costs. For US mortgages, try the Mortgage Payment Calculator or Mortgage Payoff Calculator.
Stamp Duty in the UK
Stamp Duty Land Tax is a tax paid when purchasing property in the UK. The rates are tiered based on the property price. For residential properties, there is no stamp duty on the first £250,000, 5% on the portion from £250,001 to £925,000, 10% on £925,001 to £1.5 million, and 12% above £1.5 million. First-time buyers get relief on properties up to £625,000.
Understanding Your Mortgage
Your monthly mortgage payment consists of two parts: interest and principal repayment. In the early years, a larger portion goes toward interest. Over time, as the balance decreases, more of your payment goes toward the principal. The amortization schedule shows this breakdown year by year.
This calculator supports both repayment mortgages (where you pay off both interest and capital) and shows the interest-only amount for comparison. It also accounts for UK-specific costs like home insurance and other expenses that affect your total housing budget. Use the Stamp Duty Calculator for UK property purchase tax and the Mortgage Loan Points Calculator to evaluate rate buy-downs.
Frequently Asked Questions
What is the difference between a repayment and interest-only mortgage?
With a repayment mortgage, your monthly payments cover both the interest and a portion of the loan principal, so the balance decreases over time and is fully paid off by the end of the term. With an interest-only mortgage, you only pay the interest each month, and the loan amount remains unchanged throughout the term.
How is stamp duty calculated in the UK?
Stamp duty is calculated in tiers. For a property worth £500,000, the first £250,000 is tax-free, and the remaining £250,000 is taxed at 5%, resulting in £12,500 in stamp duty. Different rates apply for additional properties and first-time buyers.
What deposit do I need for a UK mortgage?
Most UK lenders require a deposit of at least 5-10% of the property value. A larger deposit (20% or more) typically qualifies you for better interest rates. Some government schemes like Help to Buy may allow smaller deposits.
What is a tracker mortgage?
A tracker mortgage follows the Bank of England base rate plus a fixed margin. If the base rate changes, your interest rate changes accordingly. Tracker mortgages often have lower initial rates than fixed-rate mortgages but carry the risk of rate increases.
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