Mortgage calculator

Enter the home price, your down payment, the interest rate and the term to see your monthly payment, the total interest and how the balance falls each year.

Monthly payment$1,478
Loan amount
$280,000
Total interest
$163,383
Total repaid
$443,383
PrincipalInterest

Yearly schedule

YearPrincipal paidInterest paidBalance
1$6,656$11,079$273,344
2$6,928$10,808$266,416
3$7,210$10,525$259,206
4$7,504$10,232$251,702
5$7,809$9,926$243,893
6$8,128$9,608$235,765
7$8,459$9,277$227,307
8$8,803$8,932$218,503
9$9,162$8,573$209,342
10$9,535$8,200$199,806
11$9,924$7,812$189,883
12$10,328$7,407$179,555
13$10,749$6,987$168,806
14$11,187$6,549$157,619
15$11,642$6,093$145,977
16$12,117$5,619$133,860
17$12,610$5,125$121,249
18$13,124$4,611$108,125
19$13,659$4,076$94,466
20$14,215$3,520$80,251
21$14,795$2,941$65,456
22$15,397$2,338$50,059
23$16,025$1,711$34,034
24$16,677$1,058$17,357
25$17,357$378$0

Estimates for information only. They are not financial advice.

How it works

  • The loan amount is the home price minus your down payment.
  • The monthly payment uses a fixed rate and equal monthly instalments.
  • Taxes and insurance are added on top of the loan payment.

Guide

What drives your monthly payment

Three things set a mortgage payment: the amount borrowed, the interest rate and the term. A longer term lowers the monthly payment but increases the total interest you pay. A shorter term does the opposite. Use the calculator to compare, for example, 20 years against 30 years on the same loan.

Why early payments are mostly interest

With a fixed-rate loan, each payment covers the interest on the remaining balance first, and the rest reduces the principal. At the start the balance is high, so most of the payment is interest. Over time the interest share shrinks and the principal share grows. The yearly table shows this shift.

Costs beyond the loan payment

Property tax and insurance are usually paid on top of the loan payment, so the real monthly cost is higher than the loan alone. Notary fees, transfer taxes and maintenance also matter. Add the yearly tax and insurance to see a more realistic monthly total.

How a larger down payment helps

A bigger down payment reduces the amount borrowed, which lowers both the monthly payment and the total interest. It can also improve the rate a lender offers. Try different down payments to see how much each extra amount saves over the life of the loan.

Frequently asked questions

How is a monthly mortgage payment calculated?

The loan amount, the monthly interest rate and the number of payments give a fixed instalment. Early payments are mostly interest, and the share going to principal grows over time.

Does a larger down payment save money?

Yes. A larger down payment reduces the amount you borrow, so you pay less interest over the life of the loan and your monthly payment is lower.