Calculators
Mortgage Term Calculator
The length of your mortgage term has a big effect on both your monthly payments and how much interest you pay overall. Here's how to think it through.
The duration of your mortgage term affects your monthly payments and borrowing capacity. Use our calculator by entering your birth date and expected retirement age in order to find out what your mortgage term will be.
Mortgage term calculator
See how stretching or shortening the term changes your monthly payment and the total interest you pay.
A longer term makes monthly payments more manageable, a shorter one clears the debt sooner and costs less overall. Lenders also consider your age at the end of the term.
Monthly payment by term
| Term | Monthly | Total interest |
|---|---|---|
| 20 years | £1,581.62 | £129,590 |
| 25 years | £1,389.58 | £166,874 |
| 30 years | £1,266.71 | £206,017 |
| 35 years | £1,183.14 | £246,920 |
Choosing 35 years over 20 lowers the monthly payment by £398.48 but costs about £117,330 more in interest over the life of the mortgage.
Estimate only — figures are for guidance and are not a mortgage offer. What you can actually borrow depends on a full lender assessment of your income, outgoings, credit history and the property. Initial advice is free; if you proceed, a fee typically between £199 and £299 may apply and will always be agreed with you before any application.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
Change Your Term Calculator
If you’re thinking of changing the length of your mortgage term, then you can also use our calculator to see how this would affect your monthly repayments.
Term Calculator...
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
Related Calculators
Please note
- Mortgage terms range from a minimum of 5 to a maximum of 40 years.
- The information provided by our mortgage term calculator serves as a guide only, and therefore should not be considered a specific recommendation.
- Eligibility for all mortgages is contingent upon meeting lender criteria.
For more personalised mortgage advice tailored to your circumstances, schedule an appointment with one of our expert mortgage brokers by calling 0191 580 9890 today.
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