Mortgage and loan calculator
See the monthly payment, the total interest and how extra payments help.
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How to use it
Step 1
Enter the home price or loan amount and your down payment. Use 0 for a plain loan.
Step 2
Enter the yearly interest rate and the term in years.
Step 3
Optionally enter an extra amount you could pay each month.
Step 4
Read the monthly payment, total interest and total paid, and open the yearly breakdown.
About this tool
A fixed-rate loan is repaid with equal monthly payments. Early payments are mostly interest, and later payments are mostly principal. The calculator uses the standard amortisation formula, with interest charged monthly at one twelfth of the yearly rate.
The extra payment field shows what regular overpayments do. Even a small extra amount each month can shorten the loan by years and save a large amount of interest, because every extra dollar reduces the balance that interest is charged on.
The result is principal and interest only. It does not include property tax, insurance, fees or mortgage insurance, and it assumes a fixed rate for the whole term. It works with any currency because it only handles numbers. Your lender's figures may differ slightly depending on how they round and count days.
Questions
How is the monthly payment calculated?
With the standard formula for fixed-rate loans, using the monthly rate (yearly rate divided by 12) and the number of months.
Does it work for car loans and personal loans?
Yes. Enter the amount, the rate and the term, and set the down payment to 0 if there is none.
How do extra payments help?
They reduce the balance faster, so you pay less interest and finish earlier. The calculator shows the new payoff time and the interest saved.
Why is my bank's figure different?
Banks may add fees, insurance or taxes, round differently, or use a variable rate. Ask your lender for an official quote.