Is this the same as my lender’s schedule?

It should be close for a fixed capital-and-interest loan, but lenders may use different day-count or rounding conventions.

Why EXAMPLE 4.19% / 22 years?

So monthly payment matches the stay path in the true-cost and vs-transfer EXAMPLE. Swap the rate to EXAMPLE 4.14% or 4.39% to match the switch or transfer paths.

Why does my lender’s figure differ?

Day count and fees inside the balance move the penny. Treat this as a check.

Can I use it for a remortgage?

For the payment only. Add ERC and fees in the true-cost tool.

What rate should I type?

The rate on the illustration. Do not treat 4.19% as today’s price.

Is the total payable the cost of credit?

It is payments over the term you set, at a constant rate.

Mortgage repayment calculator

Last checked 2 November 2026UK · illustrative onlyNot a lender or brokerAbout Disclaimer

Published by Rodway Labs — not a mortgage adviser

Work out a standard UK capital-and-interest monthly payment, total interest and amount repayable — with explicit assumptions. Starters match the site EXAMPLE (£185,000 at 4.19% over 22 years).

Equations and method

Assumptions

EXAMPLE starters: £185,000, 4.19%, 22 years (same balance/term/rate as true-cost stay path).
Capital and interest repayment; fixed rate for the whole term.
Monthly payments; fees not included in the payment.

Your inputs

Starter figures are UK EXAMPLE values you can edit. Scenario rates, not a market quote. 4.19%, 4.39%, 4.14% and 7.49% SVR on this site are labelled EXAMPLE figures, last checked 2 November 2026. Results update as you type.

Loan amountEXAMPLE £185,000

Annual interest rateEXAMPLE 4.19% (current product)

Term (years)EXAMPLE 22 years

Results

Monthly payment

£1,073.81

Total repayable

£283,485

Total interest

£98,485

First-year interest (approx.)

£7,652

Final-year interest (approx.)

£288

Method: standard capital-&-interest formula M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1) with monthly rate r and 264 months. Illustrative only — lender day-count may differ.

Illustrative only — not personalised advice, not a credit or mortgage offer, and not an FCA-regulated recommendation. Your offer and ESIS set the real ERC, fees and terms. Full calculator disclaimer.

What to do next

How to use this calculator

Enter the loan amount you want to borrow or already owe.
Enter the annual interest rate. Use a scenario rate if you do not have a quote yet.
Enter the term in years.
Read the monthly payment, total repayable and total interest on a capital-and-interest basis.
Compare first-year and final-year interest to see how much of each early payment goes on interest rather than the balance.

Methodology and equations

M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of months.

The assumptions are listed in the box near the top of this page.

How this calculator works

Use this for a capital-and-interest payment on a rate and term you enter. It does not include ERC or remortgage fees.

How this is calculated

Monthly payment M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r is the annual rate ÷ 12 and n is the number of months.
Total interest is the sum of each month’s interest in the full schedule (balance × r), not the payment multiplied by months minus the loan.
First-year and last-year interest are the sums of the first and last 12 months of that schedule.

This matches the code behind the tool. The full formulae are on the calculator methodology page.

Worked example

Scenario rates, not a market quote

EXAMPLE: £185,000 over 22 years at 4.19% is about £1,074 a month and about £98,485 of interest over the term, if the rate never changed. Interest is the sum of the schedule, not the payment times months.

Two levers on the same EXAMPLE: stretching to 25 years cuts the payment to about £996 but adds about £15,300 of interest. A rate 1 point higher (5.19%) adds about £103 a month. That is why the term and the rate are separate inputs.

4.19% is the site EXAMPLE current rate, last checked 2 November 2026. It is not a best-buy rate.

How the split changes: in year one of the EXAMPLE about £7,652 of the payments is interest; in the final year it is about £288. At the EXAMPLE 7.49% SVR the same loan would cost £1,431.68 a month.

Limitations: what this ignores

Interest-only deals.
Fees, unless you add them to the balance.
Rates that change.
Insurance and service charges.

Sources

Guides that go with this tool

Questions

Why does my lender’s figure differ?: Day count and fees inside the balance move the penny. Treat this as a check.
Does this include interest-only?: No. Capital and interest only.
Can I use it for a remortgage?: For the payment only. Add ERC and fees in the true-cost tool.
What rate should I type?: The rate on the illustration. Do not treat 4.19% as today’s price.
Is the total payable the cost of credit?: It is payments over the term you set, at a constant rate.

Notes & FAQs

Is this the same as my lender’s schedule?: It should be close for a fixed capital-and-interest loan, but lenders may use different day-count or rounding conventions.
Why EXAMPLE 4.19% / 22 years?: So monthly payment matches the stay path in the true-cost and vs-transfer EXAMPLE. Swap the rate to EXAMPLE 4.14% or 4.39% to match the switch or transfer paths.