Repayments on a £200,000 Mortgage

Repayments on a £200,000 Mortgage

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Author: Carl Shave - CEO and co-founder
Last updated: 14 Jul 2024

Can I get a mortgage for £200,000?

If you’ve landed on this page it’s likely you are considering a mortgage of £200,000 and want to have an idea of how much your monthly payments are going to be. The good news is you’ve come to the right place. Below we’ll give you an insight into what you can expect, and also a few hints and tips on how you can ensure you set your £200,000 mortgage up in the best way for you.

What can affect the monthly payment?

You will likely find that if you ask someone else who has a £200,000 mortgage what they are paying each month it will be different to you. This is because although you may be borrowing the same amount there are other contributing factors that can impact the amount you pay each month. These being:

  • The mortgage term. Having a longer term will in turn reduce how much you pay each month as the loan’s repayment is spread over a longer period. It’s worth noting that this will also have a relevance to the overall amount of interest you will pay. It therefore stands to reason that the shorter your term the higher your monthly payment will be, and in turn a reduction in the overall interest paid.
  • Interest rate. The interest rate charged will determine how much your loan costs together with any fees you are charged. The APRC will give you the overall cost of the loan over the full period whereas the actual rate charged will determine how much you pay each month. The latter is the more important in most people’s opinion, in relation to mortgages, due to the nature of people choosing new deals throughout its lifetime.
  • Type of repayment. There are two methods of repaying what you borrow on a mortgage. These are capital and interest, more well known as a repayment mortgage and interest only. With interest only the monthly payment only covers the interest due and the capital is paid by the borrower at intervals throughout the lifetime or at the very end of the term. As such the monthly payment is that much lower. On a repayment you are also paying part of the loan back each month as well as the interest. Therefore, the monthly payment is higher than that of an interest only, but you are given the reassurance that the loan is being repaid.

How much will a £200,000 mortgage cost per month?

As mentioned above, there are many factors regarding much your monthly payment will be. However, as a starting point for you, we’ve made a simple key to refer to that will give you some examples. These payments are calculated assuming a capital and interest mortgage.


2.5%          3.5%          4.5%         5.5%


10 years                  £1,885      £1,978      £2,073     £2,171

15 years                  £1,334      £1,430      £1,530     £1,634

20 years                  £1,060      £1,160      £1,265     £1,376

25 years                     £ 897      £1,001      £1,112     £1,228

30 years                     £ 790         £ 898      £1,013     £1,136

35 years                     £ 715         £ 827        £ 947     £1,074

How to work out the repayments on a £200,000 mortgage

You can of course grab yourself a pencil and some paper and work out the monthly payments using the relevant formula, however, even for the experts this is confusing and time consuming when in relation to a repayment mortgage. The simpler, and now perhaps for many, more convenient way is to use a mortgage repayments calculator online. By inputting a few simple details you can find out the monthly payment for a £200,000 or indeed any other possible mortgage amount. The info required is:

  • The loan amount. In regard to this page of our web site it’s £200,000
  • The interest rate being charged. Make sure you use the actual rate charged and not the APRC to work out the monthly payment. We also recommend using different rates to give a variation of what you could expect to pay especially if interest rates were to go up.
  • The term. This will either be requested in the number of years or sometime in months. If it’s the latter, simply times the number of years you are considering by 12, ie the number of months in a year. For example, if you are thinking of a 25-year term this would be:

25 x 12 = 300 months

Can a mortgage broker calculate the payments on a £200,000 mortgage?

Of course, mortgage brokers will have the technology to make these calculations for you, and indeed will use these when discussing your options and how best to arrange your mortgage for your individual needs.

A good advisor will use their knowledge and expertise to discuss many different aspects of your situation including your budget. They will go through all the advantages and disadvantages with you of those aspects that could affect how much your mortgage payment is, not only now but throughout the lifetime of your loan.

Here at Just Mortgage Brokers, together with our trusted associates, we carry out in-depth fact-finds with all our clients to endeavour to ensure your full needs and requirements are addressed.

Can I pay more than my monthly payment on a £200,000 mortgage?

Most mortgage schemes will allow you to pay more than the contractual monthly payment. Those that do will vary in how much they will allow you to pay without being penalised, so do check the terms and conditions of your particular mortgage. Typically a lender will allow up to 10% of the balance each year but, any more and this will now start to incur an early repayment charge or ERC.

If in doubt of how much the maximum is you can afford to pay, err on the side of caution and ensure what you have to pay each month meets your budget comfortably, and then, where your scheme allows, voluntarily overpay each month when your finances permit. When overpaying it puts you in more control of how much and when you do this, passing much greater flexibility over to you.


Try our mortgage affordability calculator below.

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Carl Shave

CEO and co-founder

About the author

Carl Shave has been involved in the mortgage & finance industry since leaving education and is one of the co-founders of Just Mortgage Brokers. He has written guest posts and provided journalist comments for companies such as The Times, FT Adviser, Mortgage Strategy, Mortgage Solutions and others, demonstrating his extensive industry knowledge.