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Mortgage term comparison
Compare the payment and total interest of two mortgage terms.
Illustrative result
£954.83 on the longer term
- Shorter payment
- £1,211.96
- Longer payment
- £954.83
- Shorter interest
- £90,870.79
- Longer interest
- £143,739.43
Assumptions
- A longer term lowers the payment and usually raises the interest.
Questions
Which term should I choose?
The lower payment is easier month to month. The shorter term costs less interest if you can afford the payment.
Use this in your own plan
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Estimates only. Tax and repayment rules can change, and this is not financial, tax or pension advice.
On the longer term£954.83See breakdown