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Mortgage Calculator

Enter the price of the home and what you are putting down — the rest is worked out for you: the payment, the interest, and the number most people are not ready for, what the home ends up costing in total.

Payment type

You borrow: —

  • — Monthly payment
  • — Interest paid
  • — Total paid
  • — Actual term
  • — Total cost of the home down payment plus everything paid to the bank

Interest is charged on the outstanding balance, month by month — that is why paying early in the first years saves several times more than at the end.

Show schedule
Month Payment Principal Interest Balance

How to use

  1. Enter the price of the home and your down payment — the amount you borrow is worked out from them.
  2. Set the rate and the term, and choose equal or decreasing payments.
  3. Add a monthly overpayment to see how much it saves and how much sooner the loan ends.

Good to know

Why the total is so much larger than the price

Interest is charged on the outstanding balance, month after month. Over twenty years, at rates that look ordinary, the interest can come to as much as the loan itself — and a mortgage is the one loan long enough for that to happen quietly. Look at the schedule: in the early years almost the whole payment is interest, and the balance barely moves. That is not a trick, it is what a balance-based rate does over a long term, and it is the reason a shorter term beats a lower payment.

Equal or decreasing payments, and what overpaying does

Equal payments keep the same figure every month, which is easier to plan around but costs more overall. Decreasing payments start higher and fall: the principal is split evenly and interest is charged on what is left, so you pay less in total. An overpayment can shorten either the term or the payment. Shortening the term saves several times more, because it removes the months where interest was still accruing; shortening the payment gives you room to breathe now. The calculator shows both, so the choice is a choice and not a guess.

Frequently asked questions

Will my bank quote the same payment?

The arithmetic here is exact, but a bank adds things this calculator knows nothing about: insurance, arrangement fees, property tax and account charges. Expect the real payment to be somewhat higher, and ask the bank what exactly is inside it.

Should I shorten the term or the payment?

Shortening the term almost always saves more — try both and compare the interest figure. Shortening the payment makes sense when the monthly sum is uncomfortable now; you pay for that comfort with interest.

What if my rate can change?

The calculation assumes a fixed rate. With a variable rate you can only try the numbers you are afraid of: run the calculation at the highest rate the contract allows and see whether the payment is still bearable.

Does anything I type go to a server?

No. The whole calculation runs in your browser, on your device, and the numbers never leave it.

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