Mortgage Calculator
Work out the monthly payment, total interest and total cost of a mortgage or home loan.
- Loan amount
- 240,000.00
- Monthly payment
- 1,516.96
- Total of all payments
- 546,106.77
- Total interest
- 306,106.77
- Down payment
- 20% of the price
What is Mortgage Calculator?
A mortgage is a loan used to buy a home, repaid in equal monthly payments over many years. Each payment covers some interest and some of the loan itself.
This calculator shows what you would pay each month and how much interest you would pay in total.
What this tool does
Takes the home price, your down payment, the loan term in years and the yearly interest rate. It works out the monthly payment with the standard loan formula, then shows the total of all payments and the total interest.
How to use it
- Enter the home price and your down payment.
- Enter the loan term in years and the interest rate.
- Read the monthly payment and the total interest.
Did you know?
- Early payments are mostly interest. Over a 30 year loan the interest can add up to more than the amount borrowed.
- Taxes, insurance and fees are not included, so your real monthly cost will be higher.