Mortgage Calculator
Mortgage Calculator — monthly payment, total interest, and amortisation. Auto-detects currency (USD, EUR, GBP, INR, AUD, more). Free, no signup.
Year-by-year breakdown
Principal & interest split per year. Excludes tax, insurance, maintenance.
| Year | Principal | Interest | Balance |
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About Mortgage Calculator
The Mortgage Calculator works out your monthly mortgage payment, total interest paid, and a complete amortisation schedule in seconds. Enter the home price, down payment, interest rate, and loan term, and the tool returns the full repayment picture. The calculator auto-detects your currency from your location — USD, EUR, GBP, INR, AUD, CAD, PHP, SGD, AED, and several others — and loads a typical mortgage scenario for that market, which you can adjust from there. The maths is the same in every currency: principal, interest, term.
Every monthly mortgage payment covers two things: the interest charged on the outstanding loan balance for that month, and a chunk of the principal that pays down the balance. Early in the loan, almost everything goes toward interest because the balance is huge. As the balance shrinks, more of every payment goes toward principal. By the final payment, almost the entire amount is principal. Open the amortisation schedule below the result to see the year-by-year split.
Tenure versus total interest
The single biggest decision in any home loan is tenure versus total interest paid. A 30-year mortgage feels comfortable monthly, but you can pay nearly twice the loan amount in interest over its life. A 15-year mortgage stings monthly but saves an enormous total. On a $320,000 loan at 6.5%: 15 years ≈ $2,787 per month ($174,562 total interest), versus 30 years ≈ $2,023 per month ($407,793 total interest) — a difference of roughly $233,000 from the tenure decision alone. The same trade-off applies in any currency. Drag the term slider and watch the totals to see this in your own numbers.
The reverse approach works just as well. If you know what monthly payment you can comfortably afford, drag the home price or down payment until the result matches your number. That gives you a realistic price ceiling before you start shopping — far more useful than getting attached to a property you can’t actually finance.
What’s in the monthly payment
The hero number on the result shows your principal and interest only. That’s what most lenders quote, and it’s the apples-to-apples comparison you want when shopping. Open the Advanced section to add property tax, homeowner’s insurance, and HOA or maintenance fees — the same components that make up PITI (principal, interest, tax, insurance) on a typical US mortgage statement, or the all-in monthly cost on a home loan elsewhere. The total monthly payment line then updates to reflect the full out-of-pocket cost.
Most lenders charge processing fees, taxes (stamp duty, transfer tax, etc.), and other one-time costs at closing or sanction. This calculator does not include those — they’re not part of the recurring monthly payment. Budget for them separately on top of your down payment.
Currencies supported
USD, EUR, GBP, CAD, AUD, NZD, INR, PHP, SGD, AED, ZAR, and MXN. The calculator auto-picks based on your IP location, but you can change it from the dropdown at the top of the inputs. Indian Rupee uses Indian number conventions (lakhs and crores); everything else uses Western thousands grouping. If you’re in a country not on the list, pick USD or whichever is closest — the maths is currency-agnostic and only the symbol changes.
All calculations happen in your browser. No home prices, loan amounts, or any other data leave your device. Free, no signup, no watermark.
Frequently asked questions
Enter the home price, down payment, interest rate, and loan term. The calculator returns your monthly payment, total interest over the life of the loan, and a year-by-year amortisation schedule. The math is the same standard formula every bank uses: M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly rate, and n is the term in months.
Rates vary by country and credit profile. As a rough 2026 reference: US 30-year fixed runs 6.5–7.5%, UK 5-year fixed 5–6%, EU eurozone 3.5–4.5%, Canada 5-year fixed 5–6%, Australia 6–7%, India home loans 8.25–9.5%. Use the rate slider to model best- and worst-case scenarios for your situation.
Longer tenure means a lower monthly payment but much more interest paid in total. On a $320,000 loan at 6.5%: 15 years ≈ $2,787/month ($175k total interest), 30 years ≈ $2,023/month ($408k total interest) — a $233k difference from tenure alone. Pick the shortest term your monthly budget can comfortably handle.
Conventional guidance is 20% to avoid private mortgage insurance (PMI in the US) and keep monthly payments reasonable. Higher is better if you have the cash — every extra dollar down means a dollar less interest paid over the life of the loan. Some markets allow as little as 3–10% down with insurance; the calculator works for any amount.