The mortgage term affects both the monthly payment and the time over which interest is charged. For the same repayment balance and constant rate, spreading repayment over longer normally reduces the monthly amount while increasing total interest. That mathematical comparison does not establish which term is available or suitable for you.
Compare the same loan
Enter an identical balance, rate and repayment method, then change only the term. Look at the payment, total interest and final repayment date together. If a rate is fixed for only part of the term, do not assume it stays unchanged afterwards.
Check the wider budget
- Include ongoing home costs and other commitments.
- Consider changes in income over the proposed period.
- Check fees and terms in the actual mortgage documents.
- Ask the lender or adviser about eligibility and future changes.
Use MoneyHelper's mortgage information for background and a suitably authorised adviser where you need a recommendation. The repayment calculator is an illustration using entered assumptions; it cannot approve a term or guarantee future payments.
Put it into practice
Use the mortgage monthly repayment calculator to organise your own figures or next steps. Keep its assumptions alongside your plan.