How the monthly payment is worked out
On a repayment mortgage every monthly payment does two jobs: it covers that month's interest and chips away at the loan itself. Early on, more of the payment is interest; later, more goes on the balance, until it reaches zero and the home is yours. Three things set the payment: how much you borrow, the interest rate, and the term.
What changes your payment
A bigger loan or a higher rate pushes the payment up. A longer term lowers the monthly cost but means more interest overall; a shorter term costs more each month but far less in total. See where today's rates sit in our mortgage rates guide, and check what you can realistically borrow with the affordability calculator.
Could you pay less overall?
A lower rate, a shorter term or regular overpayments all cut the total interest. Our overpayment calculator shows how even a small amount each month can knock years off. When a deal ends, our remortgage guide helps you avoid the pricey standard variable rate.
Want the exact numbers for your situation? Debbie at DS Financial can run real lender figures, no pressure.
General information, not financial advice. The calculator is an estimate of a capital-and-interest mortgage; your lender's figures may differ.