Interest only mortgage repayment calculator
Is your interest-only rate changing, or are you thinking of switching to interest-only payments? Use the calculator to see how your payments might be impacted.
- Enter your current mortgage balance.
- Put in the number of years and months left plus the current interest rate of your mortgage.
- Select 'Calculate' to show the interest only mortgage payment. You can then see how it compares to your current monthly repayment.
Work out your interest only mortgage payments
It’s easy to work out your interest only mortgage repayments with the calculator tool. You’ll just need your current mortgage details to get started. You can find this information in Internet Banking or our mobile app.
Do you have any sub-accounts? You’ll need to enter each one separately, then add the interest only payments together to work out your total.
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The interest only mortgage calculator is designed to provide a helpful estimate of what your interest only repayments could be. To do this, we use a set of assumptions:
- You will calculate the interest only payments for any sub-accounts individually and add them together.
- Each year is the same length.
- Interest is worked out monthly.
- Monthly payment amounts are rounded to the nearest pound.
- Your mortgage will not change and there will be no payment adjustments.
- Your interest rate will stay the same.
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A sub-account is created when you make a change to your mortgage and we split your balance into several parts. Each sub-account might come with its own interest rate, mortgage term and balance. They also tend to have their own monthly payment amount. You can add these together to work out your total monthly mortgage payment.
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