Mortgage Calculator
Work out your monthly mortgage payment, total interest and repayment schedule.
Statue of Liberty
New York
Features
- Monthly payment, total interest and total repaid in seconds
- 15 countries with local currency, wording and conventions
- Year-by-year repayment schedule, with a monthly CSV download
- See how much an extra monthly payment saves in interest and time
How to Use
Choose your country, then enter the property price and your down payment or deposit.
Enter the interest rate your lender offers and the loan term. Canadian fixed-rate mortgages use semi-annual compounding automatically.
Click Calculate Payment to see your monthly payment, total interest and a year-by-year schedule. Add an extra monthly payment to see what overpaying saves.
About This Tool
Mortgage Calculator works out the monthly payment on a fixed-rate repayment mortgage from the property price, your down payment or deposit, the interest rate and the loan term. It shows the loan amount, loan-to-value, total interest and total repaid, a year-by-year repayment schedule you can download as a CSV file, and how much an extra monthly payment would save. It covers 15 countries with local currency and wording, and uses semi-annual compounding for Canadian fixed-rate mortgages, as Canadian law requires.
Frequently Asked Questions
The calculator uses the standard formula for a fixed-rate repayment mortgage: M = P x i / (1 - (1 + i)^-n), where P is the amount borrowed, i is the monthly interest rate and n is the number of monthly payments. For example, borrowing $240,000 at 6.5% over 30 years gives a monthly payment of $1,516.96.
Canadian fixed-rate mortgages are compounded semi-annually, not monthly, so the same quoted rate gives a slightly lower payment. On a C$480,000 mortgage at 4.5% over 25 years, the payment is C$2,656.67 with semi-annual compounding and C$2,668.00 if the rate were compounded monthly. The calculator selects the right method when you choose Canada, and you can change it.
No. The figure is principal and interest only. Property tax, home insurance, mortgage insurance such as PMI or CMHC, and lender fees are added separately and vary by lender and location.
Enter an amount under Extra monthly payment. On a $240,000 loan at 6.5% over 30 years, paying $200 extra a month saves about $96,270 in interest and clears the loan 8 years and 2 months early. Check first whether your lender charges for overpayments.
No. Each country starts with an example rate so you can see a result straight away. Replace it with the rate your lender quotes you, because rates change often and depend on your circumstances.
Loan-to-value is the loan as a percentage of the property price. A $240,000 loan on a $300,000 home is an 80% LTV. A lower LTV, meaning a bigger deposit, usually gets a better rate, and in many countries an LTV above 80% means paying for mortgage insurance.