Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a full amortization schedule — instantly, free.
Buying a home is the largest financial commitment most people make. This mortgage calculator shows your monthly payment, total interest cost, and amortisation schedule for any loan amount, interest rate, and term — helping you compare scenarios and understand the true cost before committing to a property.
How to Use the Mortgage Calculator
- Enter the home price — the full purchase price of the property.
- Enter your down payment — the amount you'll pay upfront.
- Set the interest rate — your annual mortgage rate (e.g. 6.5%).
- Choose a loan term — 30, 20, 15, or 10 years.
- Click Calculate — see your monthly payment, total interest, and amortization schedule.
How the Monthly Payment Is Actually Calculated
Lenders use the amortisation formula: M = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the principal, r the monthly rate (annual ÷ 12), and n the number of payments.
Example — $300,000 borrowed at 6.5% over 30 years: r = 0.065 ÷ 12 = 0.005417, n = 360. That gives M ≈ Every half-point costs roughly What a Rate Change Really Costs ($300,000, 30-year fixed)
Rate Monthly payment Total interest (30 yrs) 5.5% $313,212 6.0% $347,515 6.5% $382,633 7.0% $418,527 Frequently Asked Questions