Our part and part mortgage repayment calculator gives you a good idea of what your monthly mortgage payments might be based on the interest rate and term chosen.
Enter the total amount of mortgage needed and how much of this is to be interest only. Then input the interest rate and term to find out how much you will have to pay back each month.
Please remember that this is not an accurate quotation and figures must be used as a guide only. Your mortgage broker will be able to provide you with a personalised illustration.
What is a part repayment and part interest only mortgage?
As the name suggests, a part and part mortgage is a mixture of repayment and interest only repayment methods under one mortgage. For the right borrower this added flexibility can be very useful, tailoring the mortgage setup to their needs.
You need to decide how your overall mortgage amount will be split before you can apply for a mortgage.
For example:
For a mortgage of £250,000 you could have £200,000 as capital & interest and £50,000 as interest only.
Naturally, when this mortgage arrangement comes to an end you will still owe the interest only portion of £50,000.
Part and Part Mortgage Calculator
This simple calculator will quickly work out the monthly repayments for a part interest-only, part repayment mortgage.
NOT ALL LENDERS OFFER THESE TYPES OF MORTGAGE
If you’re looking to buy a home in the UK, our mortgage repayment calculator can help you budget for your monthly repayments. Simply enter the amount you want to borrow, the interest rate and the term of the loan, and we’ll instantly calculate your estimated monthly repayments.
The calculators gives a quick indication of monthly repayments for different repayment methods, so you can compare different options. It’s important to remember that the actual amount you’ll pay each month is likely to be be different, according to your personal circumstances.
Remember that lenders use lots of mortgage affordability checks and tests when they process your application. These could include a mortgage payment stress test and debt to income ratio test.
The payment figures do not include life insurance, property insurances or any repayment plans.
How the part and part calculator works
This calculator works out two monthly payment figures and then combines them together.
Let’s run through a quick example:
- Total mortgage amount: £400,000
- Interest only portion: £100,000
- Repayment portion: £300,000
- Term: 25 years
- Interest rate: 4%
Monthly cost of the repayment part = £1584
Monthly cost of the interest-only part = £333
Total mortgage payment = £1917
How do part repayment and part interest only mortgages work?
When it comes to repayment methods, there is no one-size-fits-all solution. Most people opt for full repayment, while others choose interest-only. Part and part mortgages offer a bit of both worlds. We take a look at what a part and part mortgage is, how it works and whether it could be the right option for you.
Mortgages for professionals
When you’re considering taking out a mortgage and you happen to be a qualified professional, there may be options tailored specifically for your circumstances.
Mortgages for professionals aren’t a separate category of mortgage; rather, they’re standard mortgages that come with certain perks or favourable terms for individuals recognised as professionals by lenders.
The big advantage is that they could allow you to have a bigger mortgage.
Typically, this includes solicitors, accountants, doctors, and others who are viewed as having stable, high-earning professions.
To get a more accurate idea of what you could pay each month, speak to a whole of market mortgage adviser.
They will be able to explain how a part & part mortgage works and give you tailored repayment figures, based on your individual circumstances.
