Estimate your monthly mortgage repayment, the total interest you will pay and how your balance falls over time. Enter the property price, deposit, interest rate and term to see a clear breakdown and a printable month-by-month amortization schedule.
How to use the Mortgage Calculator
- Enter the home price and your down payment (deposit), either as an amount or percentage.
- Enter the annual interest rate and the loan term in years.
- Optionally add a regular extra monthly payment to see how much interest and time you save.
- Read your monthly payment, total interest and payoff date, then open the amortization schedule to inspect or print every payment.
How the mortgage payment is calculated
This calculator uses the standard annuity (fixed-rate, repayment) formula used by banks worldwide: M = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12) and n is the total number of monthly payments.
Each payment is split into interest (the balance multiplied by the monthly rate) and principal (the rest). Early in the loan most of your payment is interest; towards the end almost all of it reduces the principal. The amortization schedule shows exactly this shift.
What is not included
The result covers principal and interest only. Property taxes, home insurance, private mortgage insurance (PMI), HOA or service charges and lender fees vary by location and lender and are not included, so your real monthly outgoing may be higher.
How extra payments save you money
Every extra amount you pay goes straight to the principal. A smaller balance means less interest next month, which compounds over the life of the loan. Even a small regular overpayment can cut years off a 25–30 year mortgage — try it with the extra payment field.
Frequently asked questions
Is this mortgage calculator accurate?
Yes. It uses the same fixed-rate annuity formula lenders use. Your lender's figure may differ slightly due to rounding, fees, or how and when interest is charged.
Does the monthly payment include taxes and insurance?
No. It shows principal and interest only. Add your local property tax, insurance and any PMI to estimate your full housing cost.
Can I print the amortization schedule?
Yes. Open the schedule and press Print — it is formatted for paper and can also be saved as a PDF from your browser's print dialog.
Which currency does it use?
Any. Choose your currency from the list; the maths is identical for every currency.
What is a good down payment?
20% is a common benchmark because many lenders require mortgage insurance below it, but many loans accept 3–10%. A larger deposit lowers your payment and total interest.