Mortgage Calculator for First-Time Buyers in Wales
- mike shrubshallt4u
- Oct 22, 2025
- 3 min read
Updated: Dec 5, 2025
A mortgage calculator gives you a quick idea of how much you might be able to borrow — and, just as importantly, how much your monthly repayments could be.
Whether you’re a first-time buyer, moving home, or remortgaging, it’s a useful starting point for planning your budget and understanding what’s realistic before you speak with a mortgage adviser.
You may have to pay an early repayment charge if you remortgage.
How does the mortgage calculator work?
A mortgage calculator helps you answer one of the most important questions: “What mortgage can I actually afford?”
You simply enter:
The amount you wish to borrow
The term (how many years you want to repay it over)
The interest rate you expect to pay
Once you enter those details, the calculator will estimate your monthly repayment.
This gives you a clearer picture of how the mortgage might fit into your monthly budget — before you apply.
Tip: Try adjusting the term or interest rate to see how your monthly payment changes. A small difference in rate can make a big difference in affordability.
Is a mortgage calculator accurate?
Mortgage calculators give a guide figure only — not a personalised quote. The exact amount you’ll pay depends on several factors, including:
The lender’s interest rate and product type (fixed, tracker, variable)
Your loan-to-value (LTV) – how much deposit you have
Your credit profile and income
The property value and type (e.g. new build, flat, or house)
Even though it’s only an estimate, using a calculator is a smart way to understand the ballpark cost and budget realistically before you start viewing properties.
Note: A mortgage calculator is not the same as an affordability calculator. Affordability calculators estimate how much you might be able to borrow. Repayment calculators show how much your monthly payments could be once you borrow it.
You’ll often need to use both — or, better yet, speak with a mortgage adviser who can do both calculations for you with lender-accurate data.
Why use a mortgage calculator?
Using a mortgage calculator early in your home-buying journey helps you:
Budget accurately — know what’s affordable each month
Compare scenarios — shorter vs longer term, higher vs lower deposit
Show lenders you’re prepared — it demonstrates awareness and planning
Decide if now’s the right time to buy based on your current income and outgoings
Remember, affordability isn’t just about what you can borrow; it’s about what you can comfortably repay every month.
How much is a mortgage per month?
There’s no universal answer — it depends entirely on your deposit, property price, term, and interest rate.
However, here are key factors that influence your monthly cost:
Deposit size: The bigger your deposit, the lower your monthly payments and the better your rate. Lenders reward lower loan-to-value (LTV) ratios with cheaper deals.
Mortgage term: A longer term (e.g. 30 years) means smaller monthly payments but more total interest. A shorter term (e.g. 20 years) means higher monthly payments but less total interest overall.
Interest rate: Even a 0.5% difference can change your payments significantly — which is why comparing deals matters.
Example: On a £200,000 mortgage over 25 years, At 5% interest, payments are roughly £1,170/month At 4% interest, payments are roughly £1,055/month That 1% drop saves over £1,300 a year.
Smart Move tips for saving a deposit
If you’re early in your buying journey, here are some realistic ways to build your deposit faster:
Audit your monthly outgoings — small savings add up over a year
Set a strict monthly savings goal and automate it
If renting, see if you can share or sublet a room to reduce costs
Consider moving back in with family short-term to accelerate saving
Explore Welsh Government schemes such as:
Help to Buy – Wales (20% equity loan on new builds)
Shared Ownership – Wales (buy part, rent part)
Get a mortgage quote — not just an estimate
Once you have an idea of what’s affordable, the next step is to get a personalised mortgage quote. This takes into account your credit profile, income, deposit and chosen property — giving you an accurate monthly payment and product options.
At Martin & Co, we help first-time buyers in Wales to:
Understand what they can really afford
Compare products across multiple lenders
Check eligibility for Help to Buy – Wales, Shared Ownership, and other schemes
Secure the most suitable deal based on long-term cost, not just rate
Schedule a free, no-obligation call with our Mortgage Advisor We’ll review your figures, compare lenders and guide you step-by-step through your mortgage options.
You may have to pay an early repayment charge if you remortgage.
You may have to pay an early repayment charge if you remortgage. Your property may be repossessed if you do not keep up repayments on your mortgage.
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