Mortgage repaymentsMonthly repayment
questions.
Use these answers alongside the repayment calculator to understand what the estimate is—and is not.
Why does a bigger deposit lower the monthly estimate?
A bigger deposit reduces the amount borrowed. With the same rate and term, a lower balance generally produces a lower estimated monthly repayment.
Why does the interest rate matter so much?
Interest is charged on the outstanding balance. Changing the rate changes both the monthly payment estimate and the total interest over the term.
Does a longer term make a mortgage cheaper?
It can reduce the estimated monthly payment because repayments are spread over more months. It can also mean interest is charged for longer, so compare both the monthly figure and the total cost.
Is this a mortgage offer?
No. It is an illustrative calculation. A lender decides eligibility, rate, conditions and the final repayment schedule using your application and the product terms.
What should I compare next?
Try a few rates and terms, then build the upfront cash budget separately. Do not treat the calculator as a substitute for lender, broker or professional advice.