Home Loan Calculator UK
This home loan calculator helps you estimate your monthly payments, total repayment amount, and total interest for a home loan in the UK.
- UK home loan calculator
- Mortgage loan payment estimator
- Interest rate comparison tool
- Mortgage repayment planner
Loan Formula
Monthly Payment = Loan Amount × Monthly Interest / (1 – (1 + Monthly Interest) ^ -Number of Payments)
Total Repayment = Monthly Payment × Number of Payments
Total Interest = Total Repayment – Loan Amount
Example Calculation
£250,000 loan, 3.5% interest rate, 25 years → Monthly Payment: £1,245.53, Total Repayment: £373,658.54, Total Interest: £123,658.54
Why It Matters
Knowing your monthly payments and total interest can help you plan your finances effectively before taking out a home loan.
Smart Strategy
Consider paying a larger deposit or shortening the loan term to reduce the amount of interest you pay over time.
FAQs
What’s the ideal loan term? A shorter loan term reduces the total interest paid, but increases monthly payments. Consider your budget before deciding.
How does interest rate affect my loan? A higher interest rate increases both your monthly payments and total repayment.
Can I change my loan terms? Yes, many lenders allow you to adjust your loan term after the initial agreement, though fees may apply.
