Calculate Your Mortgage
Results:
Monthly Mortgage Payment: -
Total Cost Over Term: -
Amortization Schedule
| Month | Principal | Interest | Balance |
|---|
📘 Overview: Mortgage Calculator
This Mortgage Calculator helps you estimate your monthly home loan payments based on the purchase price, down payment, interest rate, loan term, and optional costs like property taxes and homeowner’s insurance.
It automatically computes your:
- 📅 Monthly principal + interest payment
- 🏠 Total loan cost over time
- 📉 Full amortization schedule (balance breakdown)
- 🏦 Optional additions: annual property tax and insurance
Ideal for homebuyers, real estate agents, and financial planners — this tool provides transparency in budgeting for one of life’s biggest purchases.
📐 Mortgage Payment Formula
The calculator uses the standard loan amortization formula:
Payment = P × [r / (1 − (1 + r)−n)]
- P = Loan Amount (Home Price − Down Payment)
- r = Monthly Interest Rate = (Annual Interest ÷ 12 ÷ 100)
- n = Total Number of Monthly Payments = (Loan Term × 12)
The result is your base mortgage payment, before adding optional recurring costs:
- Annual Property Tax: Divided by 12 and added to monthly total
- Annual Insurance: Also divided by 12 and added to the payment
🧪 Example:
For a home priced at €300,000 with a €60,000 down payment, 30-year loan term, and 4% annual interest:
Loan Amount = €240,000
Monthly Rate = 0.04 / 12 = 0.003333
Payments = 360 (30 years × 12 months)
Monthly Payment ≈ €1,145.80
This excludes tax and insurance. Including them will raise the monthly cost slightly.
💡 Use Cases for This Calculator
- 🏡 Estimating your home loan payments before getting pre-approved
- 📉 Analyzing total interest and cost over 15, 20, or 30 years
- 📊 Comparing mortgage offers with different rates or loan terms
- 💬 Real estate agents providing quick estimates to clients
- 📆 Planning future housing budgets, refinancing, or early payoff strategies
📈 Amortization Schedule Explained
The amortization schedule displays how each monthly payment is split between:
- 💵 Interest paid to the lender
- 🏦 Principal paid (reducing your loan balance)
- 📉 Remaining balance after each month
Early in the loan term, most of your payment goes toward interest. As time passes, the principal portion increases. This breakdown helps you understand how long it will take to build equity.
❓ Frequently Asked Questions (FAQ)
How do I calculate my mortgage payments?
Enter the home price, down payment, interest rate, loan term (in years), and any property tax or insurance values. The tool instantly shows your estimated monthly payment and total loan cost.
What is an amortization schedule?
An amortization schedule is a table showing each monthly payment, its split between principal and interest, and your remaining balance. It's helpful for planning early payoffs or tracking equity.
Can I calculate in different currencies?
Yes. Use the currency selector to choose between €, $, £, ₹, ¥, and more. The results update accordingly — the calculations are currency-neutral.
Why does my total cost seem much higher than the loan amount?
Interest accumulates over the years. For example, a 30-year loan at 6% interest may nearly double the total repayment. Use the amortization chart to visualize it clearly.
Can I factor in extra monthly payments or lump sum payoffs?
Not in this basic version. But you can estimate your savings by shortening the loan term or reducing the principal manually. Advanced tools offer prepayment modeling.
Is this calculator useful for refinancing decisions?
Absolutely. Enter your new rate, term, and balance to compare with your current loan and see your potential savings over time.
Can I use this on my phone or tablet?
Yes. The calculator is fully responsive, optimized for mobile browsers, and works offline after loading.