Work out the monthly payment on a home loan, the total interest you would pay, the full monthly cost with property tax and insurance, and how much an extra monthly payment could save.
Basic Mortgage Calculation
Detailed Payment Analysis
Advanced Mortgage Analysis
What this mortgage calculator does
- Basic: loan amount, interest rate and term (15, 20, 25 or 30 years) to the monthly payment, total paid and total interest.
- Intermediate: enter the home price and your down payment, then add annual property tax and home insurance to see the full monthly cost.
- Advanced: add an extra monthly payment to see the payoff time, the interest saved and the first 12 payments of the amortization schedule, with CSV export.
How it is calculated
The monthly payment uses the standard loan formula: payment = loan × r(1 + r)n ÷ ((1 + r)n − 1), where r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments.
Worked examples: a $300,000 loan at 6.5% over 30 years costs about $1,896 a month, $682,633 in total, of which $382,633 is interest. For a $400,000 home with $80,000 down ($320,000 borrowed), the principal and interest payment is about $2,023. With $4,800 a year of property tax and $1,200 of insurance, the monthly total is about $2,523. Adding $200 a month to the first loan pays it off in 277 months (about 23 years) and saves about $103,449 in interest.
Things to keep in mind
The calculator uses a fixed interest rate and does not include private mortgage insurance, homeowners association fees, closing costs or changes in taxes and insurance. The interest rate must be at least 0.1%. The schedule starts with a payment one month from today. These results are estimates for general information only and are not financial, tax, investment or legal advice. Real products have fees, rules and rates that differ, so check the details with your lender, provider or a qualified adviser.
Frequently asked questions
How does an extra payment save interest?
Extra money goes straight to the loan balance, so less interest builds up each month and the loan is paid off sooner.
Is a 15-year mortgage cheaper overall?
It usually has a higher monthly payment but much less total interest. Use the Basic tab to compare the two terms.
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