Ultimate Mortgage Calculator New!
The nerdy bit see how the debt is gradually paid off
In the first few years of the mortgage, you’re paying proportionally more interest, so the debt only reduces slowly, as the table above shows. However, making overpayments can eat into the debt and massively reduce the amount you repay in total as it means less interest overall (always check there aren’t overpayment penalties beforehand).
Use our Overpayment Calculator to see how much you can save.
IMPORTANT! Please read.
This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs.
It’s important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errors (please report faults above).
In order to create these results, we have had to make a few assumptions:
- 1) Interest is charged monthly.
- 2) Interest rate stays the same over the term.
- 3) If you selected ‘Interest only’, we assume your standard monthly payment doesn’t decrease even if you pay off some of the balance.
Martin’s FREE Printed Mortgage Help Booklets
- First Time Buyers Guide Printed or PDF
- Remortgaging Guide Printed or PDF
How this site works
We think it’s important you understand the strengths and limitations of the site. We’re a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong.
- This info does not constitute financial advice, always do your own research on top to ensure it’s right for your specific circumstances and remember we focus on rates not service.
- Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.
- We don’t as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it’s rarely made public until it’s too late (see the Section 75 guide for protection tips).
- We often link to other websites, but we can’t be responsible for their content.
- Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
MoneySavingExpert.com is part of the MoneySupermarket Group, but is entirely editorially independent. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code .
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