About this tool
Monthly payment, total interest and amortisation for home loans.
The Mortgage Calculator computes the monthly payment, total amount paid, and total interest for a home loan using the standard amortisation formula. Enter your loan amount, annual interest rate, and term in years to see a full payment breakdown. The amortisation schedule shows how each payment splits between principal and interest — early payments go mostly to interest while later payments reduce the principal faster. All calculations run entirely in your browser.
Example
$300,000 at 6.5% for 30 years → $1,896.20/month · Total interest: $382,632
How to use
- Enter the home price or loan amount.
- Enter the annual interest rate (e.g. 5.5 for 5.5%).
- Enter the loan term in years (e.g. 15, 20 or 30).
- See monthly payment, total paid and total interest instantly.
Features
- Monthly payment (P&I)
- Total interest over the loan lifetime
- Rate comparison table for the same amount and term
- Full amortisation schedule
- Works with any currency — enter amounts in your local unit
Frequently Asked Questions
How is the monthly mortgage payment calculated?+
The formula is M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of payments.
What is amortisation?+
Amortisation is the process of paying off a loan through scheduled instalments. Each payment covers the interest accrued on the outstanding balance, with the remainder reducing the principal.
What happens if I make extra payments?+
Extra payments reduce the outstanding principal faster, lowering total interest paid and shortening the effective loan term. Enter the reduced balance in the loan amount field to model extra repayments.
Is the calculation exact?+
Yes — the tool uses standard compound-interest amortisation. Results match lender schedules when using a fixed annual interest rate.
What is included in the monthly payment?+
Principal and interest (P&I) only. Property tax, home insurance, and PMI are not included — your actual payment may be higher.
What is LTV and does it affect the rate?+
LTV (Loan-to-Value) is the loan as a percentage of property value. Higher LTV typically means a higher rate. Enter the loan amount after down payment.