How much would I pay on a £400,000 mortgage?

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 £400,000 mortgage.

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Monthly payments on a £400,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total £1,909.66 a month, while a 15-year term might cost £2,958.75 a month.

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

• See your monthly payments by interest rate.

  Interest	Mortgage term	Monthly payments
  3.0%	15 years	£2,762.33
  3.0%	30 years	£1,686.42
  3.25%	15 years	£2,810.68
  3.25%	30 years	£1,740.83
  3.5%	15 years	£2,859.53
  3.5%	30 years	£1,796.18
  3.75%	15 years	£2,908.89
  3.75%	30 years	£1,852.46
  4.0%	15 years	£2,958.75
  4.0%	30 years	£1,909.66
  4.25%	15 years	£3,009.11
  4.25%	30 years	£1,967.76
  4.5%	15 years	£3,059.97
  4.5%	30 years	£2,026.74
  4.75%	15 years	£3,111.33
  4.75%	30 years	£2,086.59
  5.0%	15 years	£3,163.17
  5.0%	30 years	£2,147.29
  5.25%	15 years	£3,215.51
  5.25%	30 years	£2,208.81
  5.5%	15 years	£3,268.33
  5.5%	30 years	£2,271.16

Your total interest on a £400,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay £287,478.41 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 £132,575.49 in interest over the life of your loan – or about half of the interest you’d pay on a 30-year mortgage.

• See how much you'd pay in total interest based on the interest rate.

  Interest	Mortgage term	Total interest charged
  3.0%	15 years	£97,218.59
  3.0%	30 years	£207,108.76
  3.25%	15 years	£105,921.26
  3.25%	30 years	£226,695.87
  3.5%	15 years	£114,715.50
  3.5%	30 years	£246,624.06
  3.75%	15 years	£123,600.12
  3.75%	30 years	£266,887.08
  4.0%	15 years	£132,575.49
  4.0%	30 years	£287,478.41
  4.25%	15 years	£141,640.72
  4.25%	30 years	£308,393.36
  4.5%	15 years	£150,795.32
  4.5%	30 years	£329,627.21
  4.75%	15 years	£160,038.69
  4.75%	30 years	£351,171.80
  5.0%	15 years	£169,371.80
  5.0%	30 years	£373,021.33
  5.25%	15 years	£178,792.01
  5.25%	30 years	£395,175.65
  5.5%	15 years	£188,300.49
  5.5%	30 years	£417,614.29

What is the total amount repayable?

When you take out a mortgage, you agree to pay the principal and interest over an agreed timeframe. 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 mortgage, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Estimate your monthly repayments on a £400,000 mortgage at 4% fixed interest with our total amount repayable schedule over 15 and 30 years.

• 15-year term
• 30-year term

Written by

Matthew Boyle

Publisher

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

Matthew's expertise

Matthew has written 244 Finder guides across topics including:

• Helping first-time buyers apply for a mortgage
• Comparing bank accounts and highlighting useful features
• Publishing easy-to-understand guides