Mortgage calculator with interest and principal breakdown

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Calculate the benefits of making principal payments off your home loan.

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Important information

This calculator model contains a number of assumptions and they are set out in the i button. Please click it for more details. The assumptions may not reflect the ways in which our Bank's computer systems work. The results from this calculator should be used as an indication only and it does not take into account of your personal circumstances. The results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan. If you apply for a loan we will make our own calculations and we may not take this calculation into account.

£75,000 repayment mortgage on a property valued at £100,000 (min 75% LTV). Mortgage Term 25 Years. Costs compared over 3 years.

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£5,000 loan. Loan Term 3 years. Compared Over The Term of the Loan.

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£250 purchase balance and £500 balance transfer. Repaid over 2 years at the higher of 3% minimum payment/£5. Comparing the total cost of credit.

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£1,000 saved over 3 years. Does not take into charges. For non-ISA accounts, 20% tax at source is assumed. You can get a full breakdown when you compare.

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£1,000 invested over 3 years. Does not take into account taxation or charges, you can get a full breakdown when you compare.

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£150 invested every month for 3 years. Does not take into account taxation, inflation or charges, you can get a full breakdown click get more info.

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Mortgage Assumptions

• Fees

  All fees charged will be paid upfront rather than added to the cost of the mortgage.

• Costs

  Total costs consist of the full monthly payment amount over the comparison period, plus the upfront fees.

• Offer Period

  When a initial interest rate offer ends, the monthly payment will be recalculated at the standard rate based upon the remaining balance at the time.

• Tracker and Discount Rates

  With tracker and discount mortgages, please note that the costs will assume the base rate or lenders variable rate stay the same as now for the duration of the comparison.

Loan Assumptions

• Fees

  No fees have been taken into account.

• Costs

  Total costs consist of the total INTEREST charged over the term of the loan.

Credit Card Assumptions

• Fees

  Balance Transfer fees will be added to the balance transfer balance on the card.

• Minimum Payments

  Payments will be assumed to be made at either 3% of the total outstanding balance or £5, whichever is the higher.

• Payment Priority

  Balances will be paid off in the following order: 1. Purchases, 2. Balance Transfers.

• Rate Offers

  When the offer period on a promotional/initial rate expires, interest will be charged at the normal rate.

• Total Costs

  These take into account the amount of INTEREST charged during the comparison period.

Savings Assumptions

• Charges

  No charges are taken into consideration when calculating costs.

• Taxes

  For ISA's, no tax will be deducted from earned interest. For other account types, 20% tax will be deducted at the point the interest in paid.

• Bonus Rates

  When bonus rates expire, the interest rate will revert to the normal rate advertised. In the case of fixed rate bonds, once the bond period ends, no interest will be paid.

• Interest Period

  Monthly interest in calculated and paid monthly. Annual interest will be calculated monthly, but paid on the anniversary of the starting date. Interest will be paid pro-rata if the comparison period ends before an anniversary.

• Total Costs

  These take into account the total value accrued in your savings at the end of savings term. It does not take into account inflation.

Investments Assumptions

The Investments category displays Stocks and Share ISA deals only.

• Charges

  No initial, annual or per deposit charges are taken into consideration when calculating costs.

• Taxes

  For ISA's, no tax will be deducted from the annualised growth.

• Rates

  Using past performance figures, we have created a compounded annual growth rate to provide a annual percentage figure to calculate growth against. This is from past performance and is NOT an indication of the future performance of the fund.

• Interest Period

  Annual growth will be calculated monthly, but added on the anniversary of the starting date. Growth will be added pro-rata if the comparison period ends before an anniversary.

• Total Fund Value

  This takes into account the total value of your fund at the end of invested period. It does not take into account inflation.

Pensions Assumptions

The Pensions Category displays a small selection of pensions only.

• Charges

  No initial, annual or per deposit charges are taken into consideration when calculating costs.

• Taxes

  No tax will be deducted from the annualised growth.

• Rates

  Using past performance figures, we have created a compounded annual growth rate to provide a annual percentage figure to calculate growth against. This is from past performance and is NOT an indication of the future performance of the Pension.

• Interest Period

  Annual growth will be calculated monthly, but added on the anniversary of the starting date. Growth will be added pro-rata if the comparison period ends before an anniversary.

• Pension Value

  This takes into account the total value of your pension at the end of invested period. It does not take into account inflation.

• Fixed Rates

  The interest rate charged is fixed for a number of years or until a certain date by the lender.

• Base Rate Tracker

  The interest rate is set and then tracks the rises and falls of the Bank of England's base interest rate which is decided monthly.

• Discount

  The interest rate is the lenders standard variable rate, which they decide. The discount period gives you a certain amount off that rate. The rate can be changed at anytime by the lender.

• Variable

  The interest rate is the lenders standard variable rate, which they decide and can change anytime.

Click the arrows to arrange the product details by the name of the lender, or if you have selected all rates, the type of rate selected.

Click the arrows to arrange the products by the maximum LTV (Loan to Value) allowed by the lenders.

Click the arrows to arrange the products by the initial monthly payment you will be charged for mortgage amount you entered.

Click the arrows to arrange the products by the calculated APR (Annual Percentage Rate). This rate takes into account fees and charges as well as interest.

Click the arrows to arrange the products by the calculated total cost of the mortgage (Amount Paid) over the period selected.

What is the value of the property for which a mortgage is required?

How much do you need to borrow?

• Capital + Interest

  Payments made to the lender will repay the amount borrowed as well as cover interest.

• Interest Only

  Payments made to the lender will only cover interest. You will need to put money aside elsewhere in order to be able to repay the actual amount borrowed.

What is the minimum period for which you want the interest rate offer?

For example, for a minimum 3 year interest rate offer, select 3 years.

Tick to remove mortgages that have Early Repayment Charges.

Early Repayment Charges are applied by the lender if you repay the mortgage, or remortgage to a different lender within a certain period of time or date set by the lender. Typically a percentage of the outstanding balance at the point of repayment.

Tick to remove mortgages that have any fees.

Lenders may apply fees such as arrangement, booking or valuation fees when you take out the mortgage.

Tick to only show Buy To Let mortgages. If you are purchasing/remortgaging a property which is to be rented to tenants, this is the type of mortgage you will need.

Tick to only show Offset mortgages. Offset mortgages allow you to use you savings or regular income to reduce the amount of interest you are charged on your mortgage.

How many years do you wish to spread your mortgage over?

• Good Credit

  If you have zero missed payments in the last 2 years, no CCJ's or defaults these deals may be available to you.

• Fair Credit

  If you have missed a few payments as recently as the last 6 months, these deals may be available to you.

• Bad Credit

  If you have missed payments in the past, had CCJ's or defaults, lenders in this category may have deals for you.

Click the arrows to arrange the product details by the name of the lender.

Click the arrows to arrange the product details by the headline rate (APR) of the loan.

Click the arrows to arrange the product details by the total cost of the loan (Interest Charged) over the time period selected.

Over how many years do you wish to spread this loan?

Tick to show only loans that include some form of payment break

Tick to show only loans that are available to homeowners.

Tick to show only loans that are available only to existing customers of the lender.

• Good Credit

  If you have zero missed payments in the last 2 years, no CCJ's or defaults these deals may be available to you.

• Fair Credit

  If you have missed a few payments as recently as the last 6 months, these deals may be available to you.

• Bad Credit

  If you have missed payments in the past, had CCJ's or defaults, lenders in this category may have deals for you.

Click the arrows to arrange the product details by the name of the lender.

Click the arrows to arrange the product details by the purchase rate (APR) of the credit card.

Click the arrows to arrange the product details by the balance transfer rate (APR) of the credit card.

Click the arrows to arrange the product details by the headline rate (APR) of the credit card.

Click the arrows to arrange the product details by the total cost (Interest Charged) of repaying your chosen balance over 24 months.

Show only credit cards that allow balance transfers.

Show only credit cards that provide some form of cashback.

Show only credit cards that have a reward scheme.

• Easy Access

  Regular savings accounts which may have short or notice period if you need to withdraw funds.

• Cash ISA

  Tax Free savings, allowing you to deposit up to a maximum of your annual cash ISA allowance every year.

• Fixed Rate Bonds

  Bonds where you deposit an amount of money away for a certain period in return for a fixed level of interest.

Click the arrows to arrange the product details by the savings institution.

Click the arrows to arrange the product details by the notice period to withdraw funds. For Bonds, this period will be the length of the bond.

Click the arrows to arrange the product details by the rate (AER).

Click the arrows to arrange the product details by the total amount saved depending upon the amount you wish to save and the period over which you are saving it.

How much money do you have to deposit?

Show only cash ISA's where you can transfer funds from an existing ISA.

Show only savings where you are permitted to make withdrawals.

• Ethical

  Stocks and Share ISA's where your money will only be invested into growth funds purchasing stock in companies that are socially, ethically and environmentally responsible.

• Income

  Stock and Share ISA's where your money will be invested into high dividend payout companies, in order to generate a tax free income from your savings.

• Pick Your Own Fund

  Stock and Share ISA's where your money can be used to purchase units from funds you pick from.

Click the arrows to arrange the product details by the institution name.

Click the arrows to arrange the product details by the risk level.

Click the arrows to arrange the product details by the past performance level. Remember that past performance is not an indicator of future performance.

Click the arrows to arrange the product details by the fund value after the chosen period. If it is an income ISA, this will show the growth of the initial fund.

Click the arrows to arrange the product details by the name of the pension provider.

Click the arrows to arrange the product details by the past compounded annual growth rate of the pension plan. Remember that past performance is not an indicator of future performance.

Click the arrows to arrange the product details by the pension value based upon the amount you are investing and period invested (figures are created using the past compounded annual growth rate).

How much will you be investing monthly into the pension, gross?

Enter the minimum past annual growth percentage for funds you wish to see.

How do you calculate principal and interest split?

How do you calculate principal and interest on a monthly mortgage?

What breaks payments down into principal and interest?

How much interest is mortgage vs principal?