Mortgage Calculator: Check fixed rate costs - and compare repayment vs interest-only

By THIS IS MONEY Updated: 13:46 26 Jun 2024

Our True Cost Mortgage Calculator allows you to really compare how different mortgages stack up.

You can compare rival mortgage deals and check what arrangement fees add to the overall cost over the life of a deal.

It can also let you compare the cost of repayment and interest-only mortgages and see how much interest you will pay over the lifetime of a mortgage 

It will tell you the monthly repayments and crucially let you add fees, so that you can compare the total cost over a deal period, such as a two, or five-year fixed rate mortgage.

> Check the best rates you could apply for based on your property value and mortgage size with our mortgage finder 

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Small print explanation: The total cost for credit is based onfees being paid upfront and not added to the mortgage and the cost overdeal period is based on the initial rate remaining the same over that time. The calculator is for a repayment mortgage where interest is calculated monthly. The results also apply to daily interest where only one payment is made per month.

    Check out our full range of financial calculators - from credit cards to mortgages, savings and inflation - work out how to save and make money

    How to find a new mortgage

    Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible.

    Quick mortgage finder links with This is Money's partner L&C

    > Mortgage rates calculator

    > Find the right mortgage for you 

    What if I need to remortgage? 

    Borrowers should compare rates, speak to a mortgage broker and be prepared to act.

    Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.

    Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees.

    Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. 

    What if I am buying a home? 

    Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. 

    Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.

    How to compare mortgage costs 

    The best way to compare mortgage costs and find the right deal for you is to speak to a broker.

    This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice.

    Interested in seeing today’s best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

    If you’re ready to find your next mortgage, why not use L&C’s online Mortgage Finder. It will search 1,000’s of deals from more than 90 different lenders to discover the best deal for you.

    > Find your best mortgage deal with This is Money and L&C

    Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you. 

    Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage 

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