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How much is a £400,000 mortgage a month?

When considering taking out a £400,000 mortgage, it’s important to consider how much the repayments are likely to cost you each month.

The monthly cost will depend on a number of factors, including the interest rate, the term of the mortgage and whether you choose to take out an interest-only or repayment mortgage.

Assuming an interest rate of 3%, a 400K repayment mortgage over 25 years would cost £1896 per month. If you opt for an interest-only mortgage, the monthly payments would be lower, at £1000.

As a guide only, the tables below provide an indication of monthly payments.

10 years£666£1000£1333£1666
15 years£666£1000£1333£1666
20 years£666£1000£1333£1666
25 years£666£1000£1333£1666
10 years£3680£3862£4049£4242
15 years£2574£2762£2958£3163
20 years£2023£2218£2423£2639
25 years£1695£1896£2111£2338

The monthly cost of a mortgage for £400,000 will vary according to these three factors:

Interest rates

Interest rates are a key factor in the cost of a mortgage. The type of interest rate you choose will affect your monthly repayments and the overall cost of your mortgage.

There are three main types of interest rate: fixed, variable and tracker.

A fixed rate means that your monthly repayments will stay the same for a set period of time, regardless of changes in the interest rate. This can give you peace of mind, but it may mean that you miss out if interest rates fall.

A variable rate means that your monthly repayments could go up or down, depending on changes in the interest rate. This can be risky, but it could also work in your favour if interest rates fall.

A tracker rate is a type of variable rate that tracks the Bank of England’s base rate.

Term of the mortgage

The term of the mortgage is the length of time over which you will make repayments. The term of a mortgage is typically 25 years. However, some lenders may offer terms of 30 or even 40 years, depending on the size of the loan and the borrower’s financial situation.

The longer the term, the lower the monthly payments will be. However, it is important to remember that you will pay more in interest over the life of the loan if you choose a longer term. As a result, it is important to compare different mortgage offers and choose the one that best meets your needs.

Type of mortgage

There are two main types of mortgage: repayment and interest-only.

Repayment mortgages are the most common type of mortgage in the UK. With a 400K repayment mortgage, your monthly payments will go towards both the interest and the capital sum of the loan, reducing the debt each month.

An interest-only mortgage means that your monthly payments will only go towards the interest on the loan, and not towards repaying any of the capital sum. Interest-only mortgages are typically used by people who already have a separate savings plan in place to repay the capital sum of the loan.

To find out exactly how much your mortgage is likely to cost each month, speak to a whole of market mortgage broker. They will be able to take into account your individual circumstances and find the most suitable deal for you.

You may find our online mortgage calculator useful for showing you a more accurate figure for the monthly repayments on a £400,000 mortgage. You will also be able to vary the interest rate and mortgage term to see how this affects the payments.


Choosing a mortgage is an important financial decision and it’s easier with someone who’s on your side. We work as a whole of market mortgage broker so that you get the best possible choice of mortgages.



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