China
United States
Canada
United Kingdom
AustraliaRepayment or interest-only?
Repayment suits most owner-occupiers as the loan clears at term end. Interest-only has lower payments but needs a credible investment plan and usually stricter affordability checks.
United Kingdom Mortgage Calculator
Enter price, deposit, rate and term to compare repayment and interest-only mortgages.
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| 期数 | 还款额 | 本金 | 利息 | 剩余本金 |
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How UK Mortgages Work
UK mortgages are dominated by fixed-rate deals (commonly 2-year or 5-year fix), quoted annually with monthly compounding. Average 2-year fixed rates were about 5.3% and 5-year about 5.6% in September 2026; your rate depends on your deposit (LTV tier), income and lender.
There are two repayment types: repayment (principal and interest paid monthly, loan cleared by the end) and interest-only (only interest is paid monthly; the principal is repaid at the end). Interest-only has lower monthly costs but requires a separate repayment plan.
When a fixed deal ends, the mortgage usually rolls onto the lender's standard variable rate (SVR), which is often higher — many borrowers remortgage to lock in a new deal.
Key Points
· Monthly rate = Annual rate ÷ 12
· LTV tier = Loan ÷ value; a bigger deposit means a lower rate
· Interest-only payment = Loan × monthly rate (principal unchanged)
· Repayment payment = P×r×(1+r)ⁿ ÷ [(1+r)ⁿ−1]
Example: price £300,000, 10% deposit, 5.4% rate, 25 years → loan £270,000, repayment ≈ £1,642/month.
Key Terms
LTV rate tier：Your deposit size determines the available rate tier. A lower deposit (higher LTV) means a higher rate.
Interest-only：You pay only interest monthly and repay the principal at the end. The payment is lower but a separate repayment plan is required.
Rate source: Bank of England bank rate
Disclaimer: Results are for reference only and do not constitute financial, legal or investment advice. Actual rates, fees, insurance and policies depend on your local lender and regulator; results may differ due to rounding and lender formulas.
Mortgage Rules Compared
The same logic adapted to each country's rate convention, minimum down payment and mandatory insurance. Click a country to switch.
| Country | Min down | Compounding | Mortgage insurance | Typical term |
|---|---|---|---|---|
| China | 15%+ | Monthly | None | Up to 30 yr |
| United States | 3%+ | Monthly | PMI if LTV>80% | 15 / 30 yr |
| Canada | 5%+ | Semi-annual | CMHC below 20% | 25 yr |
| United Kingdom | 5%+ | Monthly | None | 2/5-yr fix + 25 yr |
| Australia | 5%+ | Monthly | LMI if LVR>80% | Up to 30 yr |
常见问题
What is LTV and why does it matter?
LTV is the loan as a share of the property value. Higher LTV means more risk and higher rates; a larger deposit unlocks cheaper deals.
What happens after my fixed deal ends?
You roll onto the lender's standard variable rate (SVR), usually higher than your fix. Remortgaging before expiry typically secures a better rate.
Is mortgage insurance required in the UK?
There is no mandatory default insurance like US PMI or Canadian CMHC, though lenders often encourage life/critical illness cover — it is optional.
What is the minimum deposit?
Most lenders accept 5%–10%, and some first-time buyer products support 5%. A larger deposit earns a lower rate.