Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and full repayment cost for any home loan.
Mortgage Calculator
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The mortgage calculator shows you exactly what a home loan will cost each month and in total over the full term. Enter the loan amount, annual interest rate, and repayment period to get an instant breakdown of monthly payment, total paid, and total interest charged. Most buyers focus on the monthly payment, but the total interest figure is equally important. On a $300,000 loan at 6.5% over 30 years, you pay roughly $383,000 in interest alone — more than the original loan. Reducing your term from 30 to 20 years on the same loan saves over $120,000 in interest at the cost of a higher monthly payment. This calculator lets you run those comparisons in seconds. Use it to size a mortgage against your income, compare fixed vs variable rate scenarios by changing the interest rate, or evaluate whether making overpayments is worth it by testing a shorter term.
How to Use the Mortgage Calculator
The Mortgage Calculator is designed to give you an accurate answer in seconds. Follow these steps:
- Step 1: Enter your loan amount — the amount you are borrowing, not the full property price. Subtract your deposit from the purchase price to get this figure.
- Step 2: Enter the annual interest rate. Use your mortgage offer rate or the current average for your loan type (fixed-rate or variable).
- Step 3: Select the loan term in years. Most mortgages run 25–30 years, but a shorter term means higher monthly payments and significantly less total interest.
- Step 4: Click Calculate. You will see your monthly payment, total amount repaid, and total interest charged. Adjust the inputs to compare different scenarios side by side.
No account or sign-up required. All calculations run locally in your browser — nothing is stored or transmitted to any server.
How It Works
Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] P = principal loan amount | r = monthly interest rate (annual rate ÷ 12 ÷ 100) | n = total number of monthly payments (years × 12)
The mortgage calculator uses the standard amortisation formula to compute equal monthly payments that fully repay both principal and interest over the loan term. The key insight behind amortisation: every monthly payment covers the interest accrued that month, with the remainder reducing the principal. Early in the loan, most of each payment is interest. As the principal falls, the interest portion shrinks and more of each payment reduces the balance. Loan term matters enormously. A 15-year mortgage on the same amount and rate has monthly payments roughly 40% higher than a 30-year mortgage, but pays less than half the total interest. The calculator makes this trade-off immediately visible by showing the interest/principal split. Note: this calculator assumes a fixed interest rate for the full term. Variable-rate mortgages will have different actual costs depending on how rates move. It also does not include property taxes, home insurance, or private mortgage insurance (PMI), which are added costs in a real loan scenario.
Frequently Asked Questions
How much mortgage can I afford?
A common rule of thumb is to keep your monthly mortgage payment below 28% of your gross monthly income. On a $80,000 annual salary ($6,667/month), that suggests a maximum monthly payment of around $1,867. Use this calculator to find the loan amount that produces a payment in that range at current rates.
What is included in a monthly mortgage payment?
This calculator shows principal and interest only — the two core components of a mortgage payment. Most real payments also include property tax and home insurance held in an escrow account, and sometimes PMI (private mortgage insurance) if your deposit is below 20%. Add those costs separately when budgeting.
Does a shorter loan term save money?
Yes, significantly. A 15-year mortgage on the same loan amount and interest rate pays roughly 40–50% less total interest than a 30-year mortgage, because the principal is repaid faster so less interest accumulates. The trade-off is a higher monthly payment. Use this calculator to compare both terms.
How does a higher interest rate affect my payment?
Substantially. On a $300,000 loan over 30 years, moving from 4% to 7% raises the monthly payment from $1,432 to $1,996 — an extra $564/month and over $200,000 more in total interest. Even a half-percent rate difference adds tens of thousands to your total cost.
Is the mortgage calculator free?
Yes — free to use with no sign-up required. All calculations run in your browser and no data is stored. Run as many scenarios as you need by adjusting the loan amount, rate, and term.