Mortgage calculator

What it costs a month, and what it costs in total.

Loan amount

Interest rate (% a year)

Term (years)

Property tax (a year)

Insurance (a year)

Amounts are in whatever currency you enter — the arithmetic is the same in all of them.

Loan payment a month
1,896.20
Tax and insurance a month
400.00
Total a month
2,296.20
Total interest
382,633.47
Total repaid
682,633.47
Number of payments
360

First year of payments

Interest, principal and remaining balance for the first twelve payments
Payment	Interest	Principal	Balance
1	1,625.00	271.20	299,728.80
2	1,623.53	272.67	299,456.13
3	1,622.05	274.15	299,181.98
4	1,620.57	275.63	298,906.35
5	1,619.08	277.12	298,629.23
6	1,617.57	278.63	298,350.60
7	1,616.07	280.13	298,070.47
8	1,614.55	281.65	297,788.82
9	1,613.02	283.18	297,505.64
10	1,611.49	284.71	297,220.93
11	1,609.95	286.25	296,934.68
12	1,608.40	287.80	296,646.88

What this assumes

A fixed rate for the whole term, level monthly payments, and interest charged monthly on the outstanding balance. That is the ordinary repayment mortgage and it is what the figures above describe. It is not a tracker, an offset, an interest-only period, or a fixed rate that reverts after five years — all of which are common and none of which this models.

Tax and insurance are added as flat annual amounts divided by twelve. Real escrow payments move as assessments and premiums change. Fees, points, mortgage insurance and early repayment charges are not included at all, so the total repaid is the cost of the borrowing and not the cost of the transaction.

This is arithmetic, not advice. It cannot tell you what you can afford, and a lender's own figure will differ by a few units anyway — they round each payment to the smallest coin and then charge interest on the rounded balance, which the schedule here reproduces.

Why the early payments barely touch the balance

Interest is charged on what is still owed, and at the start that is almost everything. Open the schedule above and the first payment is mostly interest; the crossover to mostly principal comes surprisingly late. Over a long term at a normal rate the interest can exceed the amount borrowed — which is the single most useful thing this page can show you, and the reason total interest sits next to the monthly figure rather than below the fold.