Mortgage Calculator
We've got the ultimate mortgage calculator to arm yourself with the knowledge to approach your mortgage with confidence.
We've got the ultimate mortgage calculator to arm yourself with the knowledge to approach your mortgage with confidence.
Our range of mortgage calculators can be helpful during the research stage of your home ownership journey.
This calculator helps you to work out how much you could borrow for a mortgage, what your monthly mortgage payments would be and how much you would pay back over the full mortgage term.
However, calculations are based purely on the information you’ve input and do not take account of any personal circumstances that may affect how much you can borrow and the rates available to you. For more certainty about the mortgage options available to you it’s always best to consult an experienced mortgage broker.
There are many different types of mortgage calculators available, but they each provide guidance around costs and affordability when you’re looking into getting a mortgage.
Most mortgage calculators give you an estimate of how much you could borrow, how much a mortgage would cost you to repay, or what the associated fees would cost. However, there are also more niche calculators that can give you information about specific products, such as an offset mortgage, for example.
Our mortgage calculators are free to use and only need you to enter a few key pieces of information. We also use sliders on all of our calculators, so that you can easily see how small adjustments in income, deposit, terms etc would impact your desired mortgage.
Every lender has their own set of criteria and they calculate mortgage affordability based on how well you meet those criteria as an applicant. Your income is the main factor in deciding how much you can borrow - all lenders look at this as they need to know how much you can afford to repay. However, it’s less important for certain mortgages, such as buy-to-lets.
Typically lenders offer mortgages equal to a multiple of around 4 to 4.5 times your annual income. But the multiples used vary by lender, and depending on how well you meet their criteria, which typically includes:
Deposit size - which determines the LTV (loan to value) of your borrowing
Employment type and status
Credit score and history
Ratio of debt compared to your income
Regular outgoings and financial commitments
Application status, are you applying individually or jointly?
Preferred type of mortgage and interest rate type
Chosen property type compared to lender preferences
There are a wide range of mortgage products available and alongside this you’ll need to consider which type of interest rate and repayment plan you prefer, as well as how long you want the term to be.
Some of the most common types of mortgage available are:
Variable rate mortgages - which could be a discount rate or tracker rate deal, or a standard variable rate (SVR)
It can be difficult to decide which type of mortgage is the most suited to your needs, so it’s a good idea to take advice from a broker, especially if you’re looking to buy your first home.
There is no definitive deposit size that’s needed to get a mortgage, but most lenders ask for at least 5% of the property value when it comes to residential mortgages. That said, it’s possible to get 100% mortgages in certain circumstances.
However, while it’s possible to get a mortgage with a relatively small deposit, having a larger deposit will benefit you in two ways:
It will reduce the LTV of your borrowing, which means that lenders offer you better interest rates
It will reduce the amount you need to borrow, meaning you pay back less interest overall
In some cases increasing your deposit size by as little as 1% could give you access to a better interest rate, so it’s worth playing around with the calculator sliders to see how your deposit size could impact your mortgage.
There’s no magical income figure that will universally get you a mortgage - although some lenders have a general minimum income level needed to apply for a mortgage with them, regardless of how much you want to borrow.
It’s more about affordability than your actual income, as someone earning £100k could potentially have less expendable income than someone earning £40k, depending on their level of outgoings and debts.
The type, size and location of your desired property will also have a major impact on how much you need to borrow, and typically, the more you need to borrow, the more you’ll need to earn.
There are no rules around whether or not you have to accept the maximum mortgage size available to you, as this is down to personal preference.
However, it’s important to think about the potential for a change in circumstances and how this could impact your ability to repay your chosen loan. Leaving some spare income as ‘wiggle room’ is usually a good idea when taking out a commitment as large as a mortgage.
As all credit reference agencies use different scoring systems, it’s impossible for there to be a definitive credit score value that all mortgage lenders are happy with.
Generally, the higher your score, the better your chance of being accepted for a mortgage, but some lenders focus on the details of your credit history, rather than the specific score.
It’s also possible to get bad credit mortgages, so you may still be able to get a mortgage with a lower credit score, it’s just that the interest rate will likely be higher.
No, you won’t need to input any information that would enable a credit check to be carried out, so it’s impossible for a mortgage calculator to carry out this type of check.
Even when you go for a mortgage agreement in principle you won’t usually need to undergo a full credit check, this only tends to happen when you submit a formal mortgage application.
Uswitch is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE. To contact Mojo by phone, please call 0333 123 0012.