How much would I pay on an £850,000 mortgage?

Repayments, total interest and amortisation to borrow with confidence.

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 an £850,000 mortgage.

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Monthly payments on an £850,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total £4,058.03 a month, while a 15-year term might cost £6,287.35 a month.

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

Your total interest on an £850,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay £610,890.81 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 £281,722.30 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 an £850,000 mortgage at a 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£850,000.00£6,287.35£33,231.60£42,216.60£75,448.20£807,783.40
2£807,783.40£6,287.35£31,511.64£43,936.56£75,448.20£763,846.84
3£763,846.84£6,287.35£29,721.60£45,726.60£75,448.20£718,120.24
4£718,120.24£6,287.35£27,858.62£47,589.58£75,448.20£670,530.66
5£670,530.66£6,287.35£25,919.73£49,528.47£75,448.20£621,002.19
6£621,002.19£6,287.35£23,901.87£51,546.33£75,448.20£569,455.86
7£569,455.86£6,287.35£21,801.82£53,646.38£75,448.20£515,809.48
8£515,809.48£6,287.35£19,616.15£55,832.05£75,448.20£459,977.43
9£459,977.43£6,287.35£17,341.48£58,106.72£75,448.20£401,870.71
10£401,870.71£6,287.35£14,974.15£60,474.05£75,448.20£341,396.66
11£341,396.66£6,287.35£12,510.32£62,937.88£75,448.20£278,458.78
12£278,458.78£6,287.35£9,946.15£65,502.05£75,448.20£212,956.73
13£212,956.73£6,287.35£7,277.49£68,170.71£75,448.20£144,786.02
14£144,786.02£6,287.35£4,500.11£70,948.09£75,448.20£73,837.93
15£73,837.93£6,287.35£1,609.57£73,837.93£75,447.50£0.00
YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal paid throughout the yearRemaining balance
1£850,000.00£4,058.03£33,727.55£14,968.81£48,696.36£835,031.19
2£835,031.19£4,058.03£33,117.72£15,578.64£48,696.36£819,452.55
3£819,452.55£4,058.03£32,483.01£16,213.35£48,696.36£803,239.20
4£803,239.20£4,058.03£31,822.43£16,873.93£48,696.36£786,365.27
5£786,365.27£4,058.03£31,134.96£17,561.40£48,696.36£768,803.87
6£768,803.87£4,058.03£30,419.51£18,276.85£48,696.36£750,527.02
7£750,527.02£4,058.03£29,674.87£19,021.49£48,696.36£731,505.53
8£731,505.53£4,058.03£28,899.91£19,796.45£48,696.36£711,709.08
9£711,709.08£4,058.03£28,093.36£20,603.00£48,696.36£691,106.08
10£691,106.08£4,058.03£27,253.96£21,442.40£48,696.36£669,663.68
11£669,663.68£4,058.03£26,380.37£22,315.99£48,696.36£647,347.69
12£647,347.69£4,058.03£25,471.18£23,225.18£48,696.36£624,122.51
13£624,122.51£4,058.03£24,524.95£24,171.41£48,696.36£599,951.10
14£599,951.10£4,058.03£23,540.18£25,156.18£48,696.36£574,794.92
15£574,794.92£4,058.03£22,515.26£26,181.10£48,696.36£548,613.82
16£548,613.82£4,058.03£21,448.62£27,247.74£48,696.36£521,366.08
17£521,366.08£4,058.03£20,338.51£28,357.85£48,696.36£493,008.23
18£493,008.23£4,058.03£19,183.14£29,513.22£48,696.36£463,495.01
19£463,495.01£4,058.03£17,980.75£30,715.61£48,696.36£432,779.40
20£432,779.40£4,058.03£16,729.34£31,967.02£48,696.36£400,812.38
21£400,812.38£4,058.03£15,426.95£33,269.41£48,696.36£367,542.97
22£367,542.97£4,058.03£14,071.49£34,624.87£48,696.36£332,918.10
23£332,918.10£4,058.03£12,660.84£36,035.52£48,696.36£296,882.58
24£296,882.58£4,058.03£11,192.70£37,503.66£48,696.36£259,378.92
25£259,378.92£4,058.03£9,664.74£39,031.62£48,696.36£220,347.30
26£220,347.30£4,058.03£8,074.52£40,621.84£48,696.36£179,725.46
27£179,725.46£4,058.03£6,419.52£42,276.84£48,696.36£137,448.62
28£137,448.62£4,058.03£4,697.08£43,999.28£48,696.36£93,449.34
29£93,449.34£4,058.03£2,904.51£45,791.85£48,696.36£47,657.49
30£47,657.49£4,058.03£1,038.88£47,657.49£48,696.37£0.00
Representative example
A mortgage of £225,134 payable over 24 years, initially on a fixed rate until 30/09/26 at 4.88% and then on a variable rate of 6.99% for the remaining 22 years would require 26 payments of £1328.29 followed by 262 payments of £1,593.54. The total amount payable would be £453,042 made up of the loan amount plus interest (£226,909) and fees (£999). The overall cost for comparison is 6.8% APRC representative.
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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 285 Finder guides across topics including:
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