How much would I pay on a £650,000 mortgage?

Easily calculate the monthly and overall costs for borrowing £650,000.

If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly in interest and over the life of a £650,000 mortgage.

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Monthly payments on a £650,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total £3,103.20 a month, while a 15-year mortgage might cost £4,807.97 a month.

Note that your monthly mortgage payments will vary depending on your interest rate, taxes and PMI as well as on other related fees.

Your total interest on a £650,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay £467,151.56 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay £215,434.96 in interest over the life of your loan – or about half of the interest you’d pay on a 30-year mortgage.

What is the total amount repayable?

When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

This means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly loan repayments on a £650,000 mortgage at 4% fixed interest with our total amount repayable schedule over 15 and 30 years.

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal paid throughout the yearRemaining balance
1£650,000.00£4,807.97£25,412.41£32,283.23£57,695.64£617,716.77
2£617,716.77£4,807.97£24,097.15£33,598.49£57,695.64£584,118.28
3£584,118.28£4,807.97£22,728.27£34,967.37£57,695.64£549,150.91
4£549,150.91£4,807.97£21,303.66£36,391.98£57,695.64£512,758.93
5£512,758.93£4,807.97£19,820.98£37,874.66£57,695.64£474,884.27
6£474,884.27£4,807.97£18,277.94£39,417.70£57,695.64£435,466.57
7£435,466.57£4,807.97£16,671.99£41,023.65£57,695.64£394,442.92
8£394,442.92£4,807.97£15,000.61£42,695.03£57,695.64£351,747.89
9£351,747.89£4,807.97£13,261.16£44,434.48£57,695.64£307,313.41
10£307,313.41£4,807.97£11,450.85£46,244.79£57,695.64£261,068.62
11£261,068.62£4,807.97£9,566.72£48,128.92£57,695.64£212,939.70
12£212,939.70£4,807.97£7,605.89£50,089.75£57,695.64£162,849.95
13£162,849.95£4,807.97£5,565.16£52,130.48£57,695.64£110,719.47
14£110,719.47£4,807.97£3,441.28£54,254.36£57,695.64£56,465.11
15£56,465.11£4,807.97£1,230.89£56,465.11£57,696.00£0.00
YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal paid throughout the yearRemaining balance
1£650,000.00£3,103.20£25,791.65£11,446.75£37,238.40£638,553.25
2£638,553.25£3,103.20£25,325.29£11,913.11£37,238.40£626,640.14
3£626,640.14£3,103.20£24,839.94£12,398.46£37,238.40£614,241.68
4£614,241.68£3,103.20£24,334.80£12,903.60£37,238.40£601,338.08
5£601,338.08£3,103.20£23,809.11£13,429.29£37,238.40£587,908.79
6£587,908.79£3,103.20£23,261.95£13,976.45£37,238.40£573,932.34
7£573,932.34£3,103.20£22,692.56£14,545.84£37,238.40£559,386.50
8£559,386.50£3,103.20£22,099.89£15,138.51£37,238.40£544,247.99
9£544,247.99£3,103.20£21,483.15£15,755.25£37,238.40£528,492.74
10£528,492.74£3,103.20£20,841.25£16,397.15£37,238.40£512,095.59
11£512,095.59£3,103.20£20,173.24£17,065.16£37,238.40£495,030.43
12£495,030.43£3,103.20£19,477.95£17,760.45£37,238.40£477,269.98
13£477,269.98£3,103.20£18,754.38£18,484.02£37,238.40£458,785.96
14£458,785.96£3,103.20£18,001.29£19,237.11£37,238.40£439,548.85
15£439,548.85£3,103.20£17,217.55£20,020.85£37,238.40£419,528.00
16£419,528.00£3,103.20£16,401.87£20,836.53£37,238.40£398,691.47
17£398,691.47£3,103.20£15,552.96£21,685.44£37,238.40£377,006.03
18£377,006.03£3,103.20£14,669.47£22,568.93£37,238.40£354,437.10
19£354,437.10£3,103.20£13,749.98£23,488.42£37,238.40£330,948.68
20£330,948.68£3,103.20£12,793.03£24,445.37£37,238.40£306,503.31
21£306,503.31£3,103.20£11,797.06£25,441.34£37,238.40£281,061.97
22£281,061.97£3,103.20£10,760.55£26,477.85£37,238.40£254,584.12
23£254,584.12£3,103.20£9,681.80£27,556.60£37,238.40£227,027.52
24£227,027.52£3,103.20£8,559.12£28,679.28£37,238.40£198,348.24
25£198,348.24£3,103.20£7,390.67£29,847.73£37,238.40£168,500.51
26£168,500.51£3,103.20£6,174.64£31,063.76£37,238.40£137,436.75
27£137,436.75£3,103.20£4,909.03£32,329.37£37,238.40£105,107.38
28£105,107.38£3,103.20£3,591.90£33,646.50£37,238.40£71,460.88
29£71,460.88£3,103.20£2,221.07£35,017.33£37,238.40£36,443.55
30£36,443.55£3,103.20£794.41£36,443.55£37,237.96£0.00
Overall representative example
If you borrow £178,000 mortgage over 25 years initially at 4.63% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £1002.56 and 240 monthly payments of £1214.16. Total amount payable £351,932.00 includes loan amount, interest of £173,552, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.2% APRC representative.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio

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Matthew has written 244 Finder guides across topics including:
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