how much will my mortgage go up?

Since 2022 mortgage interest rates have risen sharply, after years of historic lows.

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Try our calculator below to see how your fixed rate mortgage might be affected.

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.

Why is my monthly payment estimate different to what I actually pay?

This might be down to:

• Other payments included in your monthly payment, such as insurance
• Mortgage fees being included in your total mortgage borrowing
• 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.

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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.

What if I have an interest only mortgage?

This calculator only works for repayment mortgages.

What if I have more than one mortgage?

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?

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.

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What are the values already in the calculator based on?

• How much are you looking to borrow?

The value of £165,000 is based on the average outstanding balance for a fixed rate mortgage as of June 2024, according to UK Finance.

• How long will you take to pay it back?

The value of 17 years is based on the average outstanding term for a fixed rate mortgage as of December 2024, according to UK Finance.

• What is your current interest rate?

The value of 3.4% is based on the average interest rate for outstanding fixed rate mortgages as of June 2024, according to UK Finance.

• What is your current monthly payment?

The value of £948 is based on the estimated payments made at 3.4% based on a mortgage of £165,000 over 20 years.

• Interest rate to compare against

The value of 5.5% is based on research from moneyfactscompare.co.uk from December 2024, who reported this figure as the average rate for a new two-year fixed rate loan.

Produced by: Scott Jarvis, Alexandra Nicolaides, Libby Rogers, Becky Rush, Jana Tauschinski, Rob England, Alexander Ivanov, Mark Oludimu and Scott Jarvis