Wondering how much you’ll pay per month on a £790k 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 £790k 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 £790k mortgage will likely vary between £4,622 and £5,585 per month.
| Interest Rate | Monthly Repayments |
| 5% | £4,622 |
| 5.5% | £4,851 |
| 6% | £5,088 |
| 6.5% | £5,333 |
| 7% | £5,585 |
How Much Do I Need To Earn For A £790k 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 £158,000 and £263,333 to afford a £790k mortgage.
| Income Multiple | Required Salary |
| 3X | £263,333 |
| 3.5X | £225,714 |
| 4X | £197,500 |
| 4.5X | £175,556 |
| 5X | £158,000 |
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% | £158,451 |
| 5.5% | £166,306 |
| 6% | £174,432 |
| 6.5% | £182,829 |
| 7% | £191,496 |
How Much House Can I Afford With A £790k 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 £790k mortgage.
| Deposit Percentage | Deposit Amount | Maximum House Purchase Price |
| 10% | £87,778 | £877,778 |
| 20% | £197,500 | £987,500 |
| 30% | £338,571 | £1,128,571 |
| 40% | £526,667 | £1,316,667 |
| 50% | £790,000 | £1,580,000 |
How Much Stamp Duty Will I Pay On A House With A £790k 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 |
| £877,778 (10% Down) | £31,389 |
| £987,500 (20% Down) | £40,000 |
| £1,128,571 (30% Down) | £54,107 |
| £1,316,667 (40% Down) | £72,917 |
| £1,580,000 (50% Down) | £101,350 |
Other Mortgage Amounts:
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