Mortgage Calculator

Estimate the monthly payment on a home loan, including property tax and insurance if you like, and see how extra monthly repayments shorten the loan and cut interest.

Runs in your browser

Monthly payment

1,240.46

Principal & interest: 1,240.46
Loan amount: 240,000
Loan-to-value: 80 %
Total interest: 132,136.72

Estimate only: excludes insurance, fees and rate changes.

Amortization schedule (by year)

Year	Principal	Interest	Balance
1	5,867	9,019	234,133
2	6,094	8,792	228,039
3	6,329	8,556	221,710
4	6,574	8,311	215,136
5	6,828	8,057	208,307
6	7,092	7,793	201,215
7	7,367	7,519	193,848
8	7,652	7,234	186,196
9	7,947	6,938	178,249
10	8,255	6,631	169,994
11	8,574	6,311	161,420
12	8,906	5,980	152,514
13	9,250	5,636	143,265
14	9,608	5,278	133,657
15	9,979	4,906	123,678
16	10,365	4,520	113,313
17	10,766	4,120	102,547
18	11,182	3,703	91,365
19	11,615	3,271	79,750
20	12,064	2,822	67,687
21	12,530	2,355	55,157
22	13,015	1,871	42,142
23	13,518	1,368	28,624
24	14,041	845	14,584
25	14,584	302	0

How to use

Enter the property price and your down payment.
Enter the interest rate and term.
Optionally add yearly taxes/insurance and an extra monthly repayment.
Read the payment, total interest and savings.

How it works

The loan amount is the price minus the down payment. Principal and interest are calculated with the standard annuity formula for a fixed-rate loan. Yearly property taxes and insurance are divided by 12 and added to the monthly total.

Extra repayments go straight to principal, so the balance falls faster and less interest accrues in every following month.

Examples

Home purchase: 300,000 price, 60,000 down, 3.8% over 25 years → 1,240.46 a month, 132,136.72 total interest.
Pay 200 extra a month: Paid off in 19 years 10 months, saving about 30,458 in interest.
Same loan, two terms: The same 240,000 loan at 3.8%: 1,429.18 a month over 20 years versus 1,240.46 over 25 — about 189 more each month, and 29,132 less interest overall.

Common uses

Budgeting a home purchase
Comparing rates and terms
Deciding on extra repayments

Privacy & security

This tool runs entirely in your browser. Your files and text are never uploaded to our servers — processing happens on your device and results are created locally. How each tool handles files

Frequently asked questions

Is this accurate for variable-rate mortgages?

It assumes a fixed rate for the whole term. Variable rates change the payment over time.

What's a good loan-to-value ratio?

Lenders often offer better rates below 80% LTV, i.e. with at least a 20% down payment.

Why is my bank's figure different?

Banks add costs this calculator doesn't know about: arrangement fees, compulsory borrower insurance, guarantee or notary fees, and sometimes a different day-count convention. Ask for the annual percentage rate of charge, which includes them, when you compare offers.

Does a shorter term really cost less?

Over the whole loan, yes — interest is charged on the balance you still owe, and a shorter term means a smaller balance for less time. The monthly payment goes up, which is the trade-off to weigh against your other commitments.

Last updated: September 18, 2026