Figures.Finance

Mortgage Calculator

Enter your loan details below to calculate your monthly payment and view a full amortization schedule.

Extra Monthly Payment

See how much interest you save by paying more each month.

Monthly Payment
$2,023
Total Payment
$728,142
Total Interest
$408,142

Amortization Over Time

Compare Loan Terms

TermMonthlyTotal InterestTotal Cost
10 yr$3,634$116,024$436,024
15 yr$2,788$181,758$501,758
20 yr$2,386$252,600$572,600
25 yr$2,161$328,199$648,199
30 yr✓$2,023$408,142$728,142

Amortization Schedule

MonthPaymentPrincipalInterestBalance
1$2,023$289$1,733$319,711
2$2,023$291$1,732$319,420
3$2,023$292$1,730$319,127
4$2,023$294$1,729$318,833
5$2,023$296$1,727$318,538
6$2,023$297$1,725$318,241
7$2,023$299$1,724$317,942
8$2,023$300$1,722$317,641
9$2,023$302$1,721$317,339
10$2,023$304$1,719$317,036
11$2,023$305$1,717$316,730
12$2,023$307$1,716$316,423
13$2,023$309$1,714$316,115
14$2,023$310$1,712$315,804
15$2,023$312$1,711$315,492
16$2,023$314$1,709$315,179
17$2,023$315$1,707$314,863
18$2,023$317$1,706$314,546
19$2,023$319$1,704$314,227
20$2,023$321$1,702$313,907
21$2,023$322$1,700$313,584
22$2,023$324$1,699$313,260
23$2,023$326$1,697$312,935
24$2,023$328$1,695$312,607

How to Use the Mortgage Calculator

Our mortgage calculator makes it easy to estimate your monthly home loan payment. Simply enter the home price, your down payment, the annual interest rate, and the loan term. The calculator instantly shows your monthly principal and interest payment, the total amount you will repay, and the total interest cost over the life of the loan.

The amortization chart lets you visualise how your loan balance decreases over time. In the early years, most of your payment goes toward interest. As time passes, a larger portion goes toward reducing the principal — this is the power of amortization working in your favour toward the end of the loan.

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Whether you are buying your first home in the United States, United Kingdom, Canada, or Australia, the core mortgage math is the same. The monthly payment formula uses the loan principal, the monthly interest rate (annual rate ÷ 12), and the total number of payments (years × 12). Use the amortization table below the chart to see exactly how much principal and interest you pay in any given month.

Keep in mind that your actual monthly housing cost will likely include property taxes, homeowners insurance, and possibly private mortgage insurance (PMI) if your down payment is below 20%. This calculator focuses on the principal and interest portion of your payment — the part determined by your loan terms.

Frequently Asked Questions

How is a monthly mortgage payment calculated?

Your monthly payment is calculated using the principal loan amount, the annual interest rate divided by 12, and the total number of payments (loan term in years × 12). The formula accounts for compound interest so you pay more interest early in the loan.

What is an amortization schedule?

An amortization schedule is a table showing every monthly payment for the life of the loan, broken down into principal and interest portions. Early payments are mostly interest; later payments shift toward principal.

Does a larger down payment lower my monthly payment?

Yes. A larger down payment reduces the loan amount (principal), which directly lowers your monthly payment and the total interest you pay over the life of the loan.

What is the difference between interest rate and APR?

The interest rate is the cost to borrow the principal. APR (Annual Percentage Rate) includes the interest rate plus fees and other costs, giving a more complete picture of the loan's true cost.

How does loan term affect my payment?

A shorter loan term (e.g. 15 years vs 30 years) means higher monthly payments but significantly less total interest paid. A longer term lowers monthly payments but costs more in interest overall.

Should I choose a fixed or variable rate mortgage?

A fixed-rate mortgage locks in your interest rate for the entire term, giving predictable payments. A variable (adjustable) rate may start lower but can rise over time, introducing risk. Fixed rates suit buyers who value stability; variable rates may suit those planning to sell or refinance within a few years.

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