Mortgage calculator
Work out what you could afford and how much it might cost you each month.
Speak to your own personal mortgage expert to get a free personalised recommendation.
How to use our mortgage calculator
Enter your deposit amount and annual income, and we’ll give you an estimate of how much you might be able to borrow for your dream home or investment property.
An affordability calculator is especially helpful for:
First-time buyers: Looking to buy a home but not sure where to start? Our calculator can give you a ballpack figure to help kick-start your property search. First-time buyers can also see how saving a bit more for a larger deposit could increase your buying power.
Home movers: Get an idea of your budget for your next big move. Don’t forget to include any equity from your current home when entering your deposit.
Buy-to-let landlords: Our calculator also shows how much monthly rent you’d likely need to charge. Lenders typically want your rental income to be at least 125% of your monthly mortgage payment.
How our calculator works
Our calculator uses the current average rate of interest we’ve seen at a fixed loan-to-value (LTV) over the past three months to work out what your monthly mortgage payments might be. As we use a fixed LTV and term length, results should only be used as an approximation of your total potential loan size and repayments.
How much you can actually borrow may vary depending on your personal and financial circumstances, the lender, and the mortgage product you choose. For a wider overview of your options and personalised affordability checks, please speak to a mortgage broker.
Discover your borrowing potential with Mojo Mortgages
The pros and cons of an online mortgage calculator
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It’s a quick and simple way to get an idea of how much you could borrow
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See how saving more for a deposit could boost your buying budget, so you know whether you need to adjust your savings goals
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Requires minimum information from you - just enter your deposit and income
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No credit checks and no impact on your credit score
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It’s free to use!
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It’s a guide, not a guarantee - how much you can actually borrow might differ
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It doesn’t factor in your personal or detailed financial circumstances
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You can’t adjust the calculator to look at how different rates, loan terms or mortgage types might impact the results
“It’s tempting to try and get the biggest mortgage possible, but always ask yourself how much you can comfortably afford to pay each month. You’ll likely be making your repayments for decades, and a lot can change within that time. Make sure you have enough financial flexibility to cover unexpected expenses or changes so your ability to repay your mortgage isn’t impacted later down the line.”
Stuart Bowman, Mortgage Expert
How much can I borrow?
Although you can use a calculator to get a feel for the property value you might be able to afford, the actual amount you can borrow depends on a few different factors.
Typically speaking, what you can borrow takes into account:
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Loan to Value (LTV) - The value of the property you are buying/remortgaging versus how much deposit you have/the current mortgage balance
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Loan to Income (LTI) - How much you earn versus the loan amount requested. Affordability is typically based on a multiple of your income, usually around 4.5 times your total annual income
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Outgoings and spending habits
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Debt-to-income ratio (the percentage of debt you have compared to your overall income)
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Credit history
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Employment type and status - certain professionals may be able to borrow more
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The type of mortgage and interest rate you select
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Property type and location
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Lender criteria
Lenders typically look at more extensive criteria when calculating how much to lend on a buy-to-let mortgage, including how much rent you’ll get each month.
Ready to speak to a mortgage broker?
Work with Mojo’s Mortgage Experts to get a free, personalised mortgage recommendation that works just for you.
Your qualified advisor will get to know you and your circumstances to give you a more in-depth understanding of how much you could borrow, the rates available to you, and estimated monthly repayment costs.
Mortgage calculator FAQs
No, our calculator doesn’t perform a credit check so there’s no impact on your credit score. The calculator only asks for two basic pieces of information: your deposit, and your income.
Even if you choose to get a mortgage in principle (MIP) from us, we only use a soft search, which won’t leave a mark on your credit report that's visible to other lenders.
A hard credit check, which is visible on your credit file and may impact your credit score, only tends to happen when you submit a formal mortgage application.
A mortgage calculator only offers an estimate on your borrowing amount. It performs calculations based on fixed information (such as LTV and term length) plus the basic information you enter but it won't take any of your personal circumstances into account.
So, for example, although you enter your income, your total outgoings or credit history won't be considered. Neither will your employment type or the type of property you plan to buy. All of these elements can impact not only the size of your loan, but the rates available to you.This can ultimately impact how much you might be able to borrow and how much your mortgage repayments might be.
For a more accurate idea of your personal affordability, speak to a mortgage advisor.
Your lender will charge interest when you take out a mortgage, which is a percentage of the amount you borrow. There are two main types of interest rate: fixed-rate (where your interest and therefore monthly payments stay the same) and variable-rate (where your interest and therefore monthly payments can change over time).
Interest rates play a significant role in determining how much you can borrow. When interest rates rise, the cost of borrowing increases which means your monthly loan payment will be higher for the same loan amount. This, in turn, can reduce the total loan amount you can afford. Conversely, when interest rates are lower, you may be able to access a larger loan as the lower monthly payments may be more affordable for you.
How does the mortgage affordability calculator work?
Your maximum property value is based on a Loan to Value (LTV) of 95% for a residential mortgage, and 75% for a Buy to Let mortgage
The estimated monthly cost assumes a 25 year overall mortgage term on a repayment basis and the average interest rate we’ve seen for the LTV above over the last three months (5.25% Residential / 4.72% Buy to Let)
The initial rate may be generally lower if you can find a bigger deposit or you look at a lower valued property as you will have a lower loan to value (LTV). The lowest initial rate seen in the last three months was 4.98% for Residential and 3.39% for BTL.
The exact amount you can borrow will depend on your specific circumstances and requirements, plus individual mortgage lender borrowing criteria.
For Buy to Let mortgages, the actual cost and deals available can also be influenced by factors such as whether you are a private or limited company landlord, the property being occupied by multiple tenants (HMO), having a minimum annual income, the total number of BTL properties you own/have. The estimated rent needed will vary based on the tax banding of the applicant(s).
The calculations generated from our mortgage calculator don’t include the many other fees that will apply when buying a property, such as arrangement fees, valuations, conveyancing, surveys, stamp duty tax and more.
As a mortgage is secured against your home/property it may be repossessed if you do not keep up the mortgage repayments.