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| Mortgage calculator: how much will my mortgage go up? | Mortgage calculator: how much will my mortgage go up? |
| (2 months later) | |
| Mortgage interest rates have risen sharply over the past six months after years of historic lows. | Mortgage interest rates have risen sharply over the past six months after years of historic lows. |
| As higher interest rates will mean higher mortgage payments, experts say more people are at risk of falling into debt or losing their homes. | As higher interest rates will mean higher mortgage payments, experts say more people are at risk of falling into debt or losing their homes. |
| Try our calculator below to see how your fixed rate mortgage might be affected as borrowing becomes more expensive. | Try our calculator below to see how your fixed rate mortgage might be affected as borrowing becomes more expensive. |
| If you can't see the calculator, click here. | If you can't see the calculator, click here. |
| More on mortgages | More on mortgages |
| How high could interest rates go? | How high could interest rates go? |
| How high could interest rates go? | How high could interest rates go? |
| Mortgage rates hit fresh 14-year highs | Mortgage rates hit fresh 14-year highs |
| Mortgage rates hit fresh 14-year highs | Mortgage rates hit fresh 14-year highs |
| Your personalised guide to saving money | Your personalised guide to saving money |
| Your personalised guide to saving money | Your personalised guide to saving money |
| About the data | About the data |
| This mortgage calculator uses a standard mortgage repayment formula to estimate the monthly payments or interest rate based on the amount borrowed and the length of a mortgage. | This mortgage calculator uses a standard mortgage repayment formula to estimate the monthly payments or interest rate based on the amount borrowed and the length of a mortgage. |
| The calculator assumes a single, fixed, interest rate which stays the same over the term of the mortgage and interest is charged monthly. | The calculator assumes a single, fixed, interest rate which stays the same over the term of the mortgage and interest is charged monthly. |
| Why is my monthly payment estimate different to what I actually pay? | Why is my monthly payment estimate different to what I actually pay? |
| This might be down to: | This might be down to: |
| Other payments included in your monthly payment, such as insurance | Other payments included in your monthly payment, such as insurance |
| Other payments included in your monthly payment, such as insurance | Other payments included in your monthly payment, such as insurance |
| Mortgage fees being included in your total mortgage borrowing | Mortgage fees being included in your total mortgage borrowing |
| Mortgage fees being included in your total mortgage borrowing | Mortgage fees being included in your total mortgage borrowing |
| The length of your mortgage. The calculator only works for mortgage terms of full years | The length of your mortgage. The calculator only works for mortgage terms of full years |
| The length of your mortgage. The calculator only works for mortgage terms of full years | The length of your mortgage. The calculator only works for mortgage terms of full years |
| If there is a difference you can enter your current monthly payment instead of the interest rate. | If there is a difference you can enter your current monthly payment instead of the interest rate. |
| What if I have a variable rate mortgage? | What if I have a variable rate mortgage? |
| This calculator assumes that the interest rate stays the same over the term of the mortgage so is not suitable for variable rate mortgages. | This calculator assumes that the interest rate stays the same over the term of the mortgage so is not suitable for variable rate mortgages. |
| What if I have an interest only mortgage? | What if I have an interest only mortgage? |
| This calculator only works for repayment mortgages. | This calculator only works for repayment mortgages. |
| What if I have more than one mortgage? | What if I have more than one mortgage? |
| This calculator only works for a single mortgage at a time. | This calculator only works for a single mortgage at a time. |
| What if I don't know what my interest rate or monthly payments are or would be? | What if I don't know what my interest rate or monthly payments are or would be? |
| You can use mortgage comparison tools on official mortgage lender's websites to see what a likely interest rate or monthly payment would be for the amount you were looking to borrow. | You can use mortgage comparison tools on official mortgage lender's websites to see what a likely interest rate or monthly payment would be for the amount you were looking to borrow. |
| What are the values already in the calculator based on? | What are the values already in the calculator based on? |
| How much are you looking to borrow? | How much are you looking to borrow? |
| How much are you looking to borrow? | How much are you looking to borrow? |
| The value of £160,000 is based on the average outstanding balance for a fixed rate mortgage as of June 2022, according to UK Finance. | The value of £160,000 is based on the average outstanding balance for a fixed rate mortgage as of June 2022, according to UK Finance. |
| How long will you take to pay it back? | How long will you take to pay it back? |
| How long will you take to pay it back? | How long will you take to pay it back? |
| The value of 20 years is based on the average outstanding term for a fixed rate mortgage as of June 2022, according to UK Finance. | The value of 20 years is based on the average outstanding term for a fixed rate mortgage as of June 2022, according to UK Finance. |
| What is your current interest rate? | What is your current interest rate? |
| What is your current interest rate? | What is your current interest rate? |
| The value of 2% is based on the average interest rate for outstanding fixed rate mortgages as of June 2022, according to UK Finance. | The value of 2% is based on the average interest rate for outstanding fixed rate mortgages as of June 2022, according to UK Finance. |
| What is your current monthly payment? | What is your current monthly payment? |
| What is your current monthly payment? | What is your current monthly payment? |
| The value of £809 is based on the estimated payments made at 2% based on a mortgage of £160,000 over 20 years. | The value of £809 is based on the estimated payments made at 2% based on a mortgage of £160,000 over 20 years. |
| Interest rate to compare against | Interest rate to compare against |
| Interest rate to compare against | Interest rate to compare against |
| The value of 5.8% is based on research from moneyfactscompare.co.uk from 5 January 2024, who reported this figure as the average rate for a new two-year fixed rate loan. | The value of 5.8% is based on research from moneyfactscompare.co.uk from 5 January 2024, who reported this figure as the average rate for a new two-year fixed rate loan. |
| Produced by: Alexandra Nicolaides, Libby Rogers, Becky Rush, Jana Tauschinski, Rob England, Alexander Ivanov, Mark Oludimu and Scott Jarvis | Produced by: Alexandra Nicolaides, Libby Rogers, Becky Rush, Jana Tauschinski, Rob England, Alexander Ivanov, Mark Oludimu and Scott Jarvis |
| Related topics | |
| Housing | Housing |
| Personal finance | Personal finance |
| Cost of Living | Cost of Living |
| Mortgages | Mortgages |