UK Mortgage
£400,000 mortgage at 3.5% over 15 years
A £400,000 repayment mortgage with a 3.5% fixed interest rate spread over 15 years would cost approximately the amounts shown below. Figures are illustrative — your actual rate depends on loan-to-value, credit score and lender.
Monthly repayment
£2,859.53
Total interest
£114,715.43
Total repaid
£514,715.43
Based on the standard amortisation formula. Excludes arrangement fees, valuation fees, stamp duty and insurance.
What does a £400,000 mortgage cost per month?
At 3.5% APR over a 15-year term, the monthly repayment on a £400,000 mortgage is about £2,859.53. Over the life of the loan you'd repay £514,715.43 in total — of which £114,715.43 is interest.
The same loan over 10 years would be cheaper overall but higher each month. Stretching the term reduces the monthly cost but increases lifetime interest.
How to lower the repayment
- Increase your deposit to reduce the loan amount.
- Improve your credit score before applying — even a 0.25% rate cut saves thousands.
- Compare whole-of-market brokers, not just your high-street bank.
- Consider overpayments — most UK lenders allow 10% per year fee-free.