Repayment calculator
UK mortgage calculator · rates checked 6 October 2026
What will your mortgage cost each month?
Average fixed rates passed 6% this month for the first time in three years. Put in your loan, rate and term to see the monthly payment, the total interest and what the next rise would add.
Updated 6 October 2026 · Figures sourced and linkedThe rate starts at today's average two-year fix. Tap a preset to compare the average five-year fix, tracker or standard variable rate, or type in the rate you've been quoted.
Repayment type
Monthly payment£1,608
Total interest £232,310Total repaid £482,310
+0.25% on the rate adds £38 a monthBalance outstanding
Assumes the rate stays the same for the whole term. In practice a fixed or tracker deal ends after a few years and you move to a new deal or the lender's standard variable rate. Fees are not included. Average rates: Moneyfacts, 5 October 2026 (fixed), 1 October 2026 (tracker).
Where rates are
Fixes rose before Bank Rate did
The Bank of England held Bank Rate at 3.75% on 17 September 2026, but three of nine members voted to raise it, with CPI inflation at 3.1% and energy prices pushed up by conflict in the Middle East (Bank of England).
Lenders price fixes off market expectations, so they moved first. Since the start of September the number of fixed deals under 5% fell from 1,494 to 9 (Moneyfacts). The next rate decision is on 5 November 2026.
Average fixed rates · 5 Oct 2026
Moneyfacts averages5.98% 2-yr 6.00% 5-yr
0%
2%
4%
6%
Bank Rate now 3.75%
Sep 2021Sep 2024Sep 2025Mar 2026Aug 202615 Sep 20265 Oct 2026
Two-year fixedFive-year fixed
Averages across all loan-to-values. Sources: Moneyfacts, 15 September 2026 (earlier points); Moneyfacts, 5 October 2026; Bank of England.
Beyond the payment
Four costs the calculator leaves out
01
Product and valuation fees
A lower rate with a big fee can cost more on a smaller loan. Add the fee to the first two or five years' payments and compare totals.
02
Stamp duty
Due within 14 days of completion in England and Northern Ireland. First-time buyers pay nothing up to £300,000. Stamp duty calculator →
03
Buildings insurance
Lenders normally make it a condition of the mortgage, from exchange of contracts. Insure the rebuild cost, not the price you paid. How buildings insurance works and what it costs.
04
The rate after your deal
When a fix ends you drop to the lender's standard variable rate, averaging 7.13% (Moneyfacts). Diary the end date and shop around three to six months before.
Self-employed income
Contractors, consultants and fractional executives
If you work for yourself, lenders generally want at least two years of accounts, with SA302 tax calculations and tax year overviews from HMRC, and they usually average your profit over those years (Which?, Rightmove). A rising income helps; a dip in the latest year can cut what you're offered.
That catches out people moving into portfolio careers: a fractional CFO, fractional CMO or interim executive can earn well and still look new to a lender. If you're planning the move, get a mortgage in place first, or keep the paperwork clean from day one. Browse current fractional jobs in the UK.
Fractional Quest and Home Insurance Quest are run by the same team as this site.
Questions
Straight answers
How is a monthly mortgage payment calculated?
Each payment covers that month's interest plus a slice of the loan, sized so the balance hits zero at the end of the term. £250,000 over 25 years at 5.98% is about £1,608 a month, which matches Moneyfacts' own worked figures.
What is the average mortgage rate in the UK right now?
On 5 October 2026 the average two-year fix was 5.98% and the five-year 6%, the highest in about three years (Moneyfacts). The average two-year tracker was 4.54% on 1 October 2026 (Moneyfacts).
Does the Bank of England base rate change my mortgage payment?
A tracker moves with it straight away; a fix doesn't change until the deal ends. Bank Rate is 3.75% and the next decision is due 5 November 2026 (Bank of England). Tracker vs fixed →
What happens when my fixed rate ends?
You move to the lender's standard variable rate unless you arrange a new deal. The average SVR is 7.13% (Moneyfacts): about £1,788 a month on £250,000 over 25 years.
How much does a 0.25% rate rise add to a mortgage?
About £38 a month on £250,000 over 25 years at today's average fix. The calculator shows it for your own loan.
Is interest-only cheaper?
Monthly, yes; overall, no. You still owe the whole loan at the end, so lenders want a credible repayment plan, and you pay interest on the full balance for the whole term.
Sources
Where the numbers come from
We use primary sources only: the ABI, regulators and government. Figures were checked on 6 October 2026. Spot something out of date? The source link is the fastest way to check.
- Bank of England. Interest rates and Bank Rate: our latest decision. 17 September 2026.
- Bank of England. Bank Rate maintained at 3.75%: September 2026 Monetary Policy Summary and minutes. 17 September 2026.
- Moneyfacts, reported by Financial Reporter. Average five-year fixed rate mortgage hits 6%. 5 October 2026.
- Moneyfacts, reported by IFA Magazine. Second wave of mortgage rate hikes begins before BBR decision. 15 September 2026.
- Moneyfacts, reported by Mortgage Solutions. A fifth of remortgagors consider variable rate 'gamble'. 1 October 2026.
- Which?. Mortgages for self-employed buyers. 18 December 2025.
- Rightmove. Guide for self-employed mortgages. 5 May 2026.
Keep going
How much can I borrow? →Income multiples, the 4.5× limit and the price range your deposit opens up.Stamp duty calculator →SDLT for home movers, first-time buyers and additional properties, band by band.Overpayment calculator →Interest saved and years knocked off by paying a little more each month.Tracker vs fixed →How far Bank Rate would have to rise before a tracker costs more than a fix.First-time buyer mortgages →Deposit, loan-to-value band, stamp duty relief and Lifetime ISA rules in one place.Buy-to-let calculator →What the rent lets you borrow under the lender's interest cover test, plus yield and tax.