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Interest Only Calculator
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Mark Gregory
Checked for accuracy and updated on 26 January 2023

Interest Only Mortgage Calculator

How to use the interest only equity release calculator

To get an estimate of the maximum you could borrow with an interest only lifetime mortgage, simply input:

  • the value of your property (which must be a minimum of £70,000 and in the UK)
  • the age of the youngest homeowner (which must be at least 55)
  • your postcode

This is the criteria that lenders use when deciding how much money you can borrow.

An introduction to interest only lifetime mortgages

Interest only lifetime mortgages allow you to make regular interest payments on the money you have borrowed and so tend to suit our customers who have a good disposable income.

They are often used to repay existing interest only mortgages or capital and repayment mortgages where the existing lender won’t extend the mortgage into retirement. Interest only lifetime mortgages could be an ideal solution in this situation because you don’t have to pass any lender affordability checks.

They can also be used to maximise your inheritance once your plan has ended. By maintaining regular monthly interest repayments, you’ll stop interest from compounding meaning your balance remains level throughout the term. So, as payments are maintained, you will only have to repay the original amount borrowed once your plan ends.

Want to compare interest only lifetime mortgages?

You can research the full range of interest only lifetime mortgages currently available using our ‘Compare Deals’ functionality – a tool that’s only available at Equity Release Supermarket.

You’ll be able to see interest rates for each plan, as well as features and offers from all lenders across the market. Alternatively, try our free intelligent smartER research tool which allows you to conduct your own research on interest only mortgages from across the whole later life market.

Let’s make it personal

Your interest-only calculator results may not be what you were expecting but it’s important to remember they are only a guide. Your local expert adviser is on hand to answer all your questions and find the right plan for you. If you’re ready, why not call them now?

The Interest Only Lifetime Mortgage results shown in your calculation are only for illustrative purposes and cannot be guaranteed. This is because interest rates are subject to change and can depend on your location and the amount of capital you need to fulfil your personal circumstances. To understand the features, benefits and risks of an interest only lifetime mortgage, please contact us and ask for your own individual, personalised illustration.