Mortgage repayment calculator

You can use it to estimate your monthly payments and the total amount you’ll need to repay, based on the amount you borrow, your interest rate, and your mortgage term. It can also help you compare different scenarios, such as changing the loan amount or rate, to understand what may be affordable for you.

Mortgage repayments are calculated based on the amount you borrow, the interest rate, and the length of the mortgage term. For a capital repayment mortgage, each payment covers both the interest and a portion of the original mortgage balance. Our calculator and rate tables give an estimate of your monthly payments.

• The calculations assume that any product fees are paid upfront. The ‘Total of monthly payments’ figure includes the amount borrowed plus interest, but there are other costs to consider. For example, you’ll need to pay an £80 final repayment charge and a £25 completion fee.
• Valuation fees: If you’re remortgaging or buying a property worth up to £3m, you typically won’t pay a valuation fee. For residential purchases over £3m, tiered fees apply starting from £1,150.

This is due to mortgage amortisation, which is how your borrowing is repaid in regular instalments. In the early years of your capital repayment mortgage, your outstanding balance is at its highest, so a larger portion of your monthly payment goes towards interest. As you pay down the capital, the interest reduces and more of your payment goes towards lowering your balance.

A higher rate means you pay more interest on your outstanding balance every month. Even a small increase can lead to a noticeable rise in your monthly payments. You can use the calculator to test different rates and see how your payments may change.

Overpaying your mortgage reduces the total interest you pay over the term. At Nova Bank, many customers can overpay by up to 10% of their balance each year without incurring an Early Repayment Charge. Premier customers with eligible fixed-rate mortgages can overpay by up to 25% each year, giving more flexibility to reduce their balance faster. You can usually choose to keep your payments the same to shorten your term, or reduce your future monthly payments. Find out more about overpayments

There are three main ways to pay back what you owe:

• Repayment (capital and interest): You pay back interest and part of the mortgage each month, so it’s fully repaid by the end of the term.
• Interest-only: Your monthly payments only cover the interest. You’ll need an approved repayment plan (such as an investment or sale of the property) to repay the full amount at the end. More about interest-only mortgages
• Part and part: A mix of both. You repay some of the capital, while part remains interest-only and is repaid at the end.

Note: To be eligible for interest-only or part and part, you’ll need to meet our lending criteria and provide details of your repayment plan.

No. Using our repayment calculator is for information only and doesn't affect your credit score. A soft credit check is only carried out if you apply for an Agreement in Principle (AiP), and this doesn't impact your ability to borrow.

The calculator provides an estimate of your monthly payments and the total amount you’ll need to repay. It doesn't show a detailed payment breakdown over time. Your personalised costs and full details will be confirmed when you apply for a mortgage and receive your mortgage illustration.