Money & Finance
Mortgage calculator
Enter the home price, your down payment, the interest rate and the loan term. See the monthly payment, the total interest and a year-by-year schedule.
- Free, no sign-up
- Runs in your browser
- Nothing uploaded
Loan
Only changes the symbol and number format. No exchange rates are used.
Down payment as
Extras (optional)
As a percent of the home price.
Association, service or management fees.
Paid straight off the principal.
Result
Year-by-year schedule
How to use this tool
- Enter the price of the home and choose a currency.
- Set your down payment as a percent or an amount.
- Enter the interest rate and the loan term in years.
- Optionally add property tax, insurance, fees and an extra monthly payment.
- Read the monthly payment and total interest, check the yearly schedule and download it as a CSV.
How it works
A standard repayment mortgage has a fixed payment for the whole term. Each month the interest is the remaining balance times the monthly rate, and the rest of the payment reduces the balance.
Payment = L × i ÷ (1 − (1 + i)−n)
L = loan amount, i = annual rate ÷ 12 ÷ 100, n = number of months
Property tax, insurance and fees are added to the monthly total but do not earn interest. Extra payments go straight to the principal, so the balance falls faster, interest drops and the loan ends sooner.
Good to know
Rates are quoted differently around the world. This calculator uses a monthly-compounding fixed rate, the standard in the United States and widely used elsewhere. Some countries, such as Canada, compound semi-annually, and many loans reset after a fixed period, so treat the figures as a close estimate and confirm with your lender.
A bigger down payment lowers the loan and the interest. A shorter term raises the payment but cuts the total interest sharply. Try 15 and 30 years side by side to see the trade-off. Choosing a currency changes only the symbol and number format. No exchange rates are used.
Frequently asked questions
How is the monthly mortgage payment calculated?
With the standard amortisation formula: loan amount times the monthly rate, divided by one minus the monthly rate plus one raised to the minus number of months.
Do extra payments really save money?
Yes. Every extra amount reduces the principal immediately, so less interest builds up. Enter an extra monthly amount to see the months and interest saved.
Does this include property tax and insurance?
Only if you enter them in the optional fields. They are added to the monthly total.
Is this a quote?
No. It is an estimate. Your lender decides the rate, fees and terms.
Is anything sent anywhere?
No. Everything runs in your browser.