Wondering how much you’ll pay per month on a £580k Mortgage? Then keep reading to find out how much you’ll pay and what you need to earn.
How Much Will I Pay Per Month On A £580k Mortgage?
The main factor determining how much you’ll pay is your interest rate. Current interest rates for a standard 25 year repayment mortgage are between 5% and 7% in the UK.
This means you’re monthly repayments on a £580k mortgage will likely vary between £3,393 and £4,101 per month.
| Interest Rate | Monthly Repayments |
| 5% | £3,393 |
| 5.5% | £3,561 |
| 6% | £3,735 |
| 6.5% | £3,915 |
| 7% | £4,101 |
How Much Do I Need To Earn For A £580k Mortgage?
In general most banks and mortgage lenders will let you borrow between 3X and 5X your income with 4X-4.5X being the norm.
This means you’d need to earn between £116,000 and £193,333 to afford a £580k mortgage.
| Income Multiple | Required Salary |
| 3X | £193,333 |
| 3.5X | £165,714 |
| 4X | £145,000 |
| 4.5X | £128,889 |
| 5X | £116,000 |
Another way to look at how much you’d need to earn is to keep total debt repayments (including mortgage repayments) below 35% of gross (pre-tax) income.
On that basis here is the absolute minimum salary you could earn based on various interest rate scenarios.
| Interest Rate | Minimum Safe Salary |
| 5% | £116,331 |
| 5.5% | £122,098 |
| 6% | £128,064 |
| 6.5% | £134,229 |
| 7% | £140,592 |
How Much House Can I Afford With A £580k Mortgage?
In most cases it’s no longer possible to get 100% or no deposit mortgages in the UK. Therefore you’ll have to put at least 10% down.
Below we’ve calculated how much house you could afford based on your deposit amount and a £580k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £64,444 | £644,444 |
| 20% | £145,000 | £725,000 |
| 30% | £248,571 | £828,571 |
| 40% | £386,667 | £966,667 |
| 50% | £580,000 | £1,160,000 |
How Much Stamp Duty Will I Pay On A House With A £580k Mortgage?
Finally, when you buy a house you may have to pay stamp duty. Below we’ve made the calculations on how much you’d pay based on the house prices above.
| House Purchase Price | Stamp Duty Owed |
| £644,444 (10% Down) | £19,722 |
| £725,000 (20% Down) | £23,750 |
| £828,571 (30% Down) | £28,929 |
| £966,667 (40% Down) | £37,917 |
| £1,160,000 (50% Down) | £57,250 |
Other Mortgage Amounts:
£590k Mortgages
£600k Mortgages
£610k Mortgages
£620k Mortgages
£630k Mortgages