UK Mortgage
£400,000 mortgage at 4.5% over 20 years
A £400,000 repayment mortgage with a 4.5% fixed interest rate spread over 20 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
£2,530.60
Total interest
£207,343.40
Total repaid
£607,343.40
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 4.5% APR over a 20-year term, the monthly repayment on a £400,000 mortgage is about £2,530.60. Over the life of the loan you'd repay £607,343.40 in total — of which £207,343.40 is interest.
The same loan over 15 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.