Mortgage Calculator
Enter the price, your deposit, the interest rate and the term to see the monthly principal-and-interest payment.
Your details
Result
Monthly payment (principal & interest)
1,589.81
over 30 years · 20% down
- Loan amount
- 280,000
- Total interest
- 292,331
- Total repaid
- 572,331
- Principal280,000 (49%)
- Interest292,331 (51%)
- Principal and interest only. Taxes, insurance and fees are paid on top.
Good to know: This is principal and interest only. Property tax, insurance, service charges and fees are extra.
Please note: Illustrative estimate based only on the numbers you enter. This is not financial, investment, tax or legal advice and not an offer of any product. Real products have fees, rate changes and rules this tool does not model. Check figures with your lender or a qualified, independent adviser before you decide.
About this tool
Calculate the monthly principal-and-interest payment, total interest and full repayment cost of a home loan from price, deposit, rate and term.
Formula
monthly = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P = price − deposit, r = annual rate ÷ 12 ÷ 100 and n = years × 12.
Reference values
- A 20% deposit usually earns better rates
- 30-year terms maximise cash flow
- Taxes and insurance are paid on top of this payment
Questions people ask
How is a mortgage payment calculated?
Monthly payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed, r is the monthly rate and n is the number of months.
How much deposit do I need?
It depends on the lender and country. A larger deposit usually means a lower rate and lower payments.
Should I choose 15 or 30 years?
A shorter term costs more each month but far less in total interest. A longer term lowers the payment but costs more over time.
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How we calculate this
We use the standard published formula or definition for this calculation, and we show the working so you can check it. Source: Standard fixed-rate amortisation formula.
Spotted a mistake? Tell us and we'll check it. How we check our calculators