Mortgage Calculator
Enter the loan amount, interest rate and term to estimate your monthly payment and total interest.
Monthly payment$0
Total interest$0
Total cost$0
How mortgage payments are calculated
A fixed-rate mortgage uses an amortising payment: each month you pay the same amount, split between interest and principal. Early on, most of the payment is interest; later, most is principal. The formula is M = P·i·(1+i)n / ((1+i)n−1), where i is the monthly rate and n the number of payments.
This estimate covers principal and interest only — property taxes, insurance and fees are extra.