£650,000 Mortgage Repayments
If you take out a £650,000 mortgage over 25 years at a typical interest rate of 4.5%, your monthly repayment would be £3,612.91. Over the full term you would repay a total of £1,083,873, meaning you would pay £433,873 in interest on top of the original £650,000 borrowed.
Monthly Repayments at Different Interest Rates
The table below shows what your monthly payments would be on a £650,000 repayment mortgage over 25 years at a range of interest rates. Use this to compare how different rates affect your total cost.
| Interest Rate | Monthly Payment | Total Repaid | Total Interest |
|---|---|---|---|
| 3% | £3,082.37 | £924,711 | £274,711 |
| 4% | £3,430.94 | £1,029,282 | £379,282 |
| 4.5%(typical) | £3,612.91 | £1,083,873 | £433,873 |
| 5% | £3,799.84 | £1,139,952 | £489,952 |
| 6% | £4,187.96 | £1,256,388 | £606,388 |
All figures assume a 25-year repayment mortgage with no overpayments or rate changes.
How Interest Rate Affects the Cost of a £650,000 Mortgage
On a £650,000 mortgage, the difference between the lowest and highest rates shown above is significant. At 3%, your monthly payment would be £3,082.37, while at 6% it rises to £4,187.96 — a difference of £1,105.59 per month, or £13,267 per year.
Over the full 25-year term, the total interest paid at 3% would be £274,711, compared to £606,388 at 6%. That means a higher rate could cost you an extra £331,677 in interest alone. Even a small reduction in your rate can save tens of thousands of pounds over the life of the mortgage.
What Deposit Do You Need for a £650,000 Mortgage?
The figures above show the mortgage amount itself, not the full property price. If you are borrowing £650,000, the property value and deposit required depend on the loan-to-value (LTV) ratio your lender offers. Here is what that looks like:
| Deposit % | Property Value | Deposit Needed | LTV |
|---|---|---|---|
| 5% | £684,211 | £34,211 | 95% |
| 10% | £722,222 | £72,222 | 90% |
| 15% | £764,706 | £114,706 | 85% |
| 20% | £812,500 | £162,500 | 80% |
| 25% | £866,667 | £216,667 | 75% |
A larger deposit typically means access to lower interest rates and smaller monthly payments. Most lenders require a minimum 5% deposit (95% LTV).
Key Facts About a £650,000 Mortgage
- At 4.5% interest over 25 years, your monthly payment is £3,612.91 — that is £43,355 per year.
- You would need a minimum annual salary of roughly £144,444 to £162,500 to borrow £650,000 (based on typical 4-4.5x income multiples).
- The total cost of this mortgage at 4.5% is £1,083,873, of which £433,873 is interest.
- Interest makes up 40% of the total amount you repay over 25 years.
- Overpaying by just £100 per month could save you thousands in interest and reduce your term by several years. Use our mortgage overpayment calculator to see how much.
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