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Interest-Only Mortgage Calculator (UK)

Calculate the monthly payment on an interest-only mortgage and total interest paid over the term.

Also try:🏡 Mortgage 🏘️ Buy-to-Let Mortgage (UK)🏠 Mortgage Overpayment (UK)

💱 Amounts shown in selected currency. Rates are approximate — for exact rates check your bank.

About This Calculator

With an interest-only mortgage, your monthly payment covers only the interest — the full loan amount is still owed at the end of the term. This calculator shows your fixed monthly payment and total interest cost.

About This Calculator

With an interest-only mortgage, your monthly payment covers only the interest — the full loan amount is still owed at the end of the term. This calculator shows your fixed monthly payment and total interest cost.

Frequently Asked Questions

Is the monthly payment on an interest-only mortgage fixed?

Yes, as long as the interest rate stays the same — because you are only paying interest, the payment does not reduce over time the way a repayment mortgage does.

How do I repay the loan at the end of an interest-only mortgage?

You need a separate repayment vehicle (savings, investments, or sale of the property) to pay off the full loan amount at the end of the term, since the balance does not reduce automatically.