Mortgage Calculator
Work out a monthly mortgage payment.
Result
Monthly paymentExample
- Principal and interest
- 2,022.62
- Loan amount
- 320,000.00
- Down payment
- 80,000.00
- Total interest
- 408,142.36
- Total payments
- 728,142.36
| Year | Principal | Interest | Balance left |
|---|---|---|---|
| 1 | 3,576.72 | 20,694.69 | 316,423.28 |
| 2 | 3,816.26 | 20,455.15 | 312,607.02 |
| 3 | 4,071.84 | 20,199.57 | 308,535.17 |
| 4 | 4,344.54 | 19,926.87 | 304,190.63 |
| 5 | 4,635.50 | 19,635.91 | 299,555.13 |
| 6 | 4,945.95 | 19,325.46 | 294,609.18 |
| 7 | 5,277.19 | 18,994.22 | 289,331.98 |
| 8 | 5,630.62 | 18,640.80 | 283,701.37 |
| 9 | 6,007.71 | 18,263.70 | 277,693.66 |
| 10 | 6,410.06 | 17,861.36 | 271,283.60 |
| 11 | 6,839.35 | 17,432.06 | 264,444.26 |
| 12 | 7,297.39 | 16,974.02 | 257,146.86 |
| 13 | 7,786.11 | 16,485.30 | 249,360.75 |
| 14 | 8,307.56 | 15,963.85 | 241,053.19 |
| 15 | 8,863.94 | 15,407.48 | 232,189.25 |
| 16 | 9,457.57 | 14,813.84 | 222,731.68 |
| 17 | 10,090.96 | 14,180.45 | 212,640.72 |
| 18 | 10,766.77 | 13,504.64 | 201,873.95 |
| 19 | 11,487.84 | 12,783.57 | 190,386.11 |
| 20 | 12,257.20 | 12,014.21 | 178,128.90 |
| 21 | 13,078.09 | 11,193.32 | 165,050.81 |
| 22 | 13,953.96 | 10,317.46 | 151,096.86 |
| 23 | 14,888.48 | 9,382.93 | 136,208.38 |
| 24 | 15,885.59 | 8,385.83 | 120,322.79 |
| 25 | 16,949.47 | 7,321.94 | 103,373.32 |
| 26 | 18,084.61 | 6,186.80 | 85,288.71 |
| 27 | 19,295.77 | 4,975.64 | 65,992.94 |
| 28 | 20,588.05 | 3,683.37 | 45,404.89 |
| 29 | 21,966.86 | 2,304.55 | 23,438.03 |
| 30 | 23,438.03 | 833.39 | 0.00 |
Show stepsHide steps
- Loan: 400,000.00 − 20% down = 320,000.00
- 6.5% a year = 0.5417% a month on what’s owed
- First payment: 1,733.33 interest + 289.28 loan = 2,022.62
- Paid off after 360 payments
Leaves out legal fees, stamp duty and rate changes.
An estimate, not financial advice.
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Questions
How is the monthly payment calculated?
With the standard amortization formula: payment = loan × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the yearly rate divided by 12 and n the number of monthly payments. Each payment is the same; early on most of it is interest.
What does paying extra each month do?
Extra payments go straight to the principal, so less interest builds up afterwards. Add an amount to see how much sooner the loan is paid and how much interest it saves.
Is mortgage insurance included?
Only if you add it under monthly costs. In Malaysia, MRTA or MLTA is often a one-off premium added to the loan, which isn’t counted here; in the US, lenders charge PMI with less than 20% down. Legal fees and stamp duty aren’t part of the monthly payment either.
Is it free? Do I need an account?
It is free to use and there is nothing to sign up for. There are no watermarks and no daily limits.
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