Free tool
Mortgage calculator
Work out your monthly mortgage payment, what the loan costs in total and how much of it is interest, with a year-by-year breakdown. Nothing you enter leaves your browser.
How the monthly payment is calculated
A standard repayment mortgage has the same payment every month. Early on, most of it is interest; over time, more of it pays off the loan itself.
- payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Here P is the loan amount, r is the monthly interest rate (the annual rate divided by 12) and n is the number of monthly payments. A 30-year loan has 360 payments.
What the calculator includes
The result covers principal and interest only. Property tax, insurance, arrangement fees and any required amortisation rules in your country are not included, so check the full cost with your lender.
Ways to pay less interest
- Borrow less with a bigger deposit.
- Choose a shorter term. The monthly payment goes up, but the total interest drops sharply.
- Compare interest rates. Half a percentage point makes a big difference over 25 or 30 years.
- Make extra payments when your loan allows it, so the balance falls faster.
FAQ
Mortgage questions
How is a monthly mortgage payment calculated?
The payment is set so that the same amount every month pays off the whole loan plus interest by the end of the term. It uses the loan amount, the monthly interest rate and the number of payments.
Does the monthly payment include taxes and insurance?
No. This calculator shows principal and interest only. Property tax, insurance and fees come on top, and they vary by country and lender.
Is a shorter mortgage term better?
A shorter term means a higher monthly payment but much less interest in total. A longer term lowers the monthly payment but costs more over the life of the loan.
What happens if I make extra payments?
Extra payments reduce the balance faster, so you pay less interest and can finish the loan earlier. Check whether your lender allows them and whether any fees apply.
What if the interest rate is 0%?
Then there is no interest, and the monthly payment is simply the loan amount divided by the number of payments.
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