UK Mortgage
£500,000 mortgage at 5% over 35 years
A £500,000 repayment mortgage with a 5% fixed interest rate spread over 35 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
£2,523.44
Total interest
£559,844.12
Total repaid
£1,059,844.12
Based on the standard amortisation formula. Excludes arrangement fees, valuation fees, stamp duty and insurance.
What does a £500,000 mortgage cost per month?
At 5% APR over a 35-year term, the monthly repayment on a £500,000 mortgage is about £2,523.44. Over the life of the loan you'd repay £1,059,844.12 in total — of which £559,844.12 is interest.
The same loan over 30 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.