Mortgage payment calculator: How much can you borrow? | The Sun

INTEREST rates are on the rise which means home buyers might notice smaller mortgages being offered.

If you're not sure whether you can afford a loan, mortgage calculators can give you an estimate of how much you could borrow.

It comes as the Bank of England (BoE) hiked its base rate from 4.5% to 5% today.

It has upped the rate several times in the past year with the aim of tackling high inflation, which currently sits at 8.7%.

It is also the 13th time in a row the BoE has raised rates since December 2021, when they were at historic lows of below 1%.

Any increases in the base rate are also passed on to mortgage owners though, meaning monthly repayments shoot up.

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But amid the chaos, there are a number of calculators out there to help you figure out how much you can afford on a home loan.

Having an idea of how much you can borrow should help you decide what you need to save for a deposit and the type of property you can afford.

It's also worth noting that lots of applications for credit can push down your credit score, including mortgage applications, so having a rough idea of how much you can borrow will help.

There are plenty of online calculators that let you do this without having to apply through a bank or building society.

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We've wrapped up the best mortgage calculators, what data you have to give and how to find the best home loan:

How much can I borrow for my mortgage?

Most mortgage calculators calculate how much you can expect to borrow from the bank.

However, these are just an estimate, the actual amount will depend on the lender and circumstances.

MoneySuperMarket's calculator requires you to input how many people are purchasing the house, your income and any guaranteed bonuses.

Based on your circumstances, it will tell you how much you should receive and the maximum you're likely to be offered.


Which?'s calculator asks how many people are applying and how much their incomes are.

The calculator provides an estimate of what you can afford and gives you a figure to show what your monthly repayments might be.

Barclay's quick affordability calculator

Barclay's calculator asks for the number of applicants, income, regular expenditure, the reason you want a mortgage and the size of your deposit.

It tells you how much you can get and gives you an overall rough property budget.


MoneySavingExpert's calculator needs your income, guaranteed bonuses and overtime.

It will provide you with the upper range of mortgages that you may be loaned.

It will also calculate how much you'd repay each month.

The calculator also highlights that your credit score can affect how much you loaned and that lenders will ask about your expenditure and debts.

Compare The Market

Compare The Market's calculator asks for salaries and features an option to add guaranteed income.

You'll also need to provide how much deposit you have.

The calculator will predict what kind of loan you can expect and the amount you can afford to spend on a house.


Trussle's calculator needs your and your partner's (if applicable) annual salary and deposit.

Trussle also features an option to add in regular monthly outgoings, meaning it will provide you with a more accurate figure of what the bank will lend you.

The calculator will also work out how much you can borrow, loan-to-value rate and the total house price you can afford.

How do you find the best mortgage deals?

WE explain how to ensure you get the best deal on your mortgage or remortgage:

Websites such as  MoneySuperMarket and Moneyfacts have mortgage sections so you can compare costs. All the banks and building societies will have their offers available on their sites too.

If you're getting confused by all the deals on the market, it might be worth you speaking to a mortgage broker, which will help find the best mortgage for you.

A broker will typically cost between £300 and £400 but could help you save thousands over the course of your mortgage.

You'll also have to decide if you want a fixed-deal where the interest you're charged is the same for the length of the deal or a variable mortgage, where the amount you pay can change depending on the Bank of England Base Rate.

Remember, that you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks, and looking at your credit file.

You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statement.

How much do I need to repay monthly for my mortgage?

You can find out how much you need to repay by using thorough calculators by banks and building societies.

They will typically ask for more details including outgoings, credit cards and loans.

They'll also ask about how many children you have, whether you're self-employed as well as details about bonuses and overtime.

Nationwide Building Society will ask for your date of birth and sex to help with their calculations.

Often these calculators provide a better idea of what you can afford but it's based on the providers' individual lending criteria which can vary.

Most calculators don't include credit checks and won't keep a record of your personal details so it's worth trying a couple to see if your specific circumstances change what you can get.

Free ones include Halifax, Barclay's, Nationwide, Santander, and NatWest.

Mortgage repayment calculators

After using an affordability calculator, you can calculate your monthly repayments with a mortgage repayment calculator.

Usually, you'll need to know the size of the mortgage, the mortgage term (how many years it will last) and the interest rate.

If you don't know the interest rates, the calculators typically put in a figure for you, but this is higher than the best deals on the market.

It helps you see what repayments will look like, but bear in mind you might be able to get a better rate by shopping around.

If you don't know your mortgage term most of the calculators will put in 25 years which is the usual mortgage rate.

There are lots of these calculators out there, and they tend to be quite similar.

We recommend:

  • MoneySavingExpert – allows you to add mortgage fees in and shows how your debt will decrease over time.
  • Money Advice Service – really simple and only asks for the deposit and house price.
  • Compare the Market – the repayment calculator is linked to the affordability calculator so it fills in the information for you.

Providers also usually offer repayment calculators based on their specific lending criteria, this can be very useful when you've narrowed your selection down to a couple of lenders.

What help is out there for first-time buyers?

GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.

Lifetime Isa – This is Government scheme gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top.

Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you're restricted to specific ones.

Mortgage guarantee scheme – The scheme opened to new 95% mortgages from April 19 2021. Applicants can buy their first home with a 5% deposit, it's eligible for homes up to £600,000.

What other mortgage calculators can I use?

Affordability and repayment calculators aren't the only calculators that can help you when buying a home.

In fact, online tools can help you calculate stamp duty, work out how much you can save by overpaying and compare different mortgage offers.

Here are some of the most useful ones we could find.

MoneySavingExpert calculators

  • Overpayment calculator – this lets you see how much you will save by making a one-off or recurring overpayment.
  • Saving for a deposit calculator – shows how long you'd need to save for a deposit, depending on the price of the property.
  • Compare two mortgages calculator – shows the difference in monthly payment and total costs of two different mortgage products.

MoneySuperMarket calculators

  • Overpayment calculator – let's you look at one-off overpayments, recurring ones and even a combination.
  • Base rate calculator – shows how much your mortgage paymentswill be affected when the Bank of England base rate changes.

Which? calculators

  • Stamp duty calculator – Calculate the stamp duty you'll need to pay either during the temporary stamp duty holiday or afterwards.
  • 95% mortgage calculator – work out how much you'll be able to borrow with a 5% deposit.
  • Help to Buy calculator – work out whether you could afford to buy a home using a Help to Buy equity loan.
  • Loan to value (LTV) calculator – work out the LTV percentage you'll need for your mortgage, based on the property value and amount of deposit or equity you have.
  • Buy-to-let stamp duty calculator – how much buy-to-let stamp duty you'll pay if you're buying a rental property or holiday home.
  • Mortgage interest calculator – how much your monthly mortgage repayments could change if interest rates rise.

Trussle calculators

  • Remortgage Calculator – work out if you could save on your mortgage repayments by switching to a new mortgage deal.

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