Use the fields above to estimate mortgage costs.
If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a £250,000 mortgage.
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What are the monthly payments on a £250,000 mortgage?
At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total £1,193.54 a month, while a 15-year mortgage might cost £1,849.22 a month.
Note that your monthly mortgage payments will vary depending on your interest rate, taxes and PMI, among related fees.
What is the total interest on a £250,000 mortgage?
On a 30-year mortgage with a 4% fixed interest rate, you’ll pay £179,673.77 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.
If you instead opt for a 15-year mortgage, you’ll pay £82,859.57 in interest over the life of your loan – or about 46% of the interest you’d pay on a 30-year mortgage.
What is the total amount payable?
When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
This means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.
Estimate your monthly loan repayments on a £250,000 mortgage at 4% fixed interest with our total amount repayable schedule over 15 and 30 years.
Year | Beginning balance | Total interest paid | Total principal paid | Remaining balance |
---|---|---|---|---|
1 | £250,000.00 | £9,774.01 | £12,416.63 | £237,583.37 |
2 | £237,583.37 | £9,268.14 | £12,922.50 | £224,660.86 |
3 | £224,660.86 | £8,741.65 | £13,448.99 | £211,211.87 |
4 | £211,211.87 | £8,193.70 | £13,996.94 | £197,214.94 |
5 | £197,214.94 | £7,623.46 | £14,567.18 | £182,647.76 |
6 | £182,647.76 | £7,029.95 | £15,160.69 | £167,487.10 |
7 | £167,487.10 | £6,412.31 | £15,778.33 | £151,708.76 |
8 | £151,708.76 | £5,769.46 | £16,421.18 | £135,287.59 |
9 | £135,287.59 | £5,100.44 | £17,090.20 | £118,197.39 |
10 | £118,197.39 | £4,404.15 | £17,786.49 | £100,410.91 |
11 | £100,410.91 | £3,679.52 | £18,511.12 | £81,899.79 |
12 | £81,899.79 | £2,925.33 | £19,265.31 | £62,634.49 |
13 | £62,634.49 | £2,140.44 | £20,050.20 | £42,584.30 |
14 | £42,584.30 | £1,323.58 | £20,867.06 | £21,717.23 |
15 | £21,717.23 | £473.41 | £21,717.23 | £0.00 |
Year | Beginning balance | Total interest paid | Total principal paid | Remaining balance |
---|---|---|---|---|
1 | £250,000.00 | £9,919.86 | £4,402.62 | £245,597.41 |
2 | £245,597.41 | £9,740.49 | £4,581.99 | £241,015.45 |
3 | £241,015.45 | £9,553.82 | £4,768.66 | £236,246.81 |
4 | £236,246.81 | £9,359.55 | £4,962.93 | £231,283.90 |
5 | £231,283.90 | £9,157.35 | £5,165.13 | £226,118.78 |
6 | £226,118.78 | £8,946.91 | £5,375.57 | £220,743.23 |
7 | £220,743.23 | £8,727.89 | £5,594.59 | £215,148.68 |
8 | £215,148.68 | £8,499.96 | £5,822.52 | £209,326.19 |
9 | £209,326.19 | £8,262.76 | £6,059.72 | £203,266.48 |
10 | £203,266.48 | £8,015.88 | £6,306.60 | £196,959.90 |
11 | £196,959.90 | £7,758.93 | £6,563.55 | £190,396.37 |
12 | £190,396.37 | £7,491.52 | £6,830.96 | £183,565.44 |
13 | £183,565.44 | £7,213.22 | £7,109.26 | £176,456.20 |
14 | £176,456.20 | £6,923.58 | £7,398.90 | £169,057.32 |
15 | £169,057.32 | £6,622.14 | £7,700.34 | £161,357.00 |
16 | £161,357.00 | £6,308.42 | £8,014.06 | £153,342.96 |
17 | £153,342.96 | £5,981.91 | £8,340.57 | £145,002.41 |
18 | £145,002.41 | £5,642.10 | £8,680.38 | £136,322.05 |
19 | £136,322.05 | £5,288.46 | £9,034.02 | £127,288.05 |
20 | £127,288.05 | £4,920.40 | £9,402.08 | £117,885.98 |
21 | £117,885.98 | £4,537.33 | £9,785.15 | £108,100.86 |
22 | £108,100.86 | £4,138.68 | £10,183.80 | £97,917.08 |
23 | £97,917.08 | £3,723.77 | £10,598.71 | £87,318.40 |
24 | £87,318.40 | £3,291.95 | £11,030.53 | £76,287.90 |
25 | £76,287.90 | £2,842.56 | £11,479.92 | £64,808.02 |
26 | £64,808.02 | £2,374.87 | £11,947.61 | £52,860.42 |
27 | £52,860.42 | £1,888.08 | £12,434.40 | £40,426.05 |
28 | £40,426.05 | £1,381.50 | £12,940.98 | £27,485.10 |
29 | £27,485.10 | £854.27 | £13,468.21 | £14,016.91 |
30 | £14,016.91 | £305.55 | £14,016.93 | £0.00 |
If you borrow £178,000 mortgage over 25 years initially at 4.63% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £1002.56 and 240 monthly payments of £1214.16. Total amount payable £351,932.00 includes loan amount, interest of £173,552, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.2% APRC representative.
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