Mortgage Calculator
Use our free mortgage calculator to estimate your monthly payment based on the loan amount, interest rate, and loan term. The calculator uses the standard annuity formula and shows your monthly payment, total repayment amount, and total interest paid over the life of the loan.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
The monthly payment is calculated using the annuity formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ–1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments.
What does the total interest figure mean?
Total interest is the difference between your total repayment amount and the original loan amount. It shows how much extra you pay for borrowing the money.
Does the calculator account for insurance or fees?
No, this calculator shows only the principal and interest portion of the payment. Additional costs like insurance, property tax, or origination fees are not included.
Can I use this calculator for any currency?
Yes. The formula works the same for any currency. Simply enter your amount in the currency you need.