Preferences
Display language
Changes labels and number formatting throughout the site.
Preferred currency
Sets the default "convert to" currency and the local price shown for gold and oil.
Current settings
Calculate your exact monthly mortgage payment, total interest, and full amortization schedule. Free, instant, no signup required. Works for any country.
Monthly payment
$1,896
30-year fixed mortgage
Principal
$300,000
Total interest
—
Total cost
—
Payoff year
—
How your total cost is split between the amount borrowed and interest paid to the lender.
Year-by-year breakdown of every payment.
| Year | Starting balance | Principal paid | Interest paid | Ending balance |
|---|
Every fixed-rate loan uses the same standard amortization formula. Your monthly payment is calculated so that equal instalments cover both the interest accruing on the remaining balance and a portion of the original principal, fully paying off the loan by the final month.
Three levers control your monthly payment. Adjusting any one of them immediately changes what you owe each month:
See exactly how your savings or investment grows year by year with compound interest.
Future value
—
Total portfolio after 20 years
Total deposited
—
Interest earned
—
Growth multiple
—
Target year
—
Balance at end of each year, split between your deposits and compound growth.
Enter your current loan details and the new rate you've been offered.
Current loan
New loan offer
Monthly savings
—
Per month with the new rate
Old payment
—
New payment
—
Break-even
—
Total lifetime savings
—
Convert between major currencies with live exchange rates. Also shows live gold and oil prices in your local currency.
Converted to
Quick reference: common amounts
Gold (XAU)
Price per troy ounce
—
per oz in USD
1g
—
10g
—
1 kg
—
Price in your currency (—)
—
Crude Oil (WTI)
Price per barrel
—
per barrel in USD
5 bbls
—
10 bbls
—
100 bbls
—
Price in your currency (—)
—
A mortgage calculator is a financial tool that computes your monthly payment on a home loan based on three inputs: the loan amount (principal), the annual interest rate, and the loan term in years. Anyone considering buying a home, comparing loan offers, or trying to understand the long-term cost of borrowing should use one before signing a mortgage agreement.
First-time homebuyers use mortgage calculators to reality-check affordability before house hunting. Existing homeowners use them to explore refinancing scenarios or to model the impact of making extra payments. Real estate investors use them to estimate cash flow on rental properties. The calculator works identically for fixed-rate mortgages worldwide — whether you're borrowing in USD, EUR, GBP, or any other currency.
Every fixed-rate mortgage uses the same standard amortization formula:
M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ]
Where M is your monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). This formula produces a fixed monthly amount that covers both the interest accruing on the remaining balance and a portion of the principal, with the ratio shifting over time. In the early years, most of each payment is interest. By the final years, most of each payment reduces the principal.
Your actual mortgage rate depends on several factors lenders evaluate when approving your application:
The choice between a 15-year and 30-year mortgage is fundamentally a tradeoff between monthly cash flow and total interest paid. Here's an example for a $300,000 loan:
| Loan | Rate | Monthly payment | Total interest | Total cost |
|---|---|---|---|---|
| $300,000 / 30yr | 6.0% | $1,799 | $347,515 | $647,515 |
| $300,000 / 30yr | 6.5% | $1,896 | $382,633 | $682,633 |
| $300,000 / 30yr | 7.0% | $1,996 | $418,527 | $718,527 |
| $300,000 / 15yr | 6.0% | $2,532 | $155,683 | $455,683 |
| $300,000 / 15yr | 6.5% | $2,614 | $170,453 | $470,453 |
| $300,000 / 15yr | 7.0% | $2,696 | $185,358 | $485,358 |
At 6.5%, a 30-year mortgage costs $382,633 in total interest versus $170,453 for a 15-year mortgage — a difference of over $212,000. However, the 30-year mortgage's monthly payment is $718 lower, which matters significantly if cash flow is tight or you want to invest the difference.
Private mortgage insurance (PMI) is required by most US lenders when your down payment is less than 20% of the home's purchase price. PMI protects the lender if you default. The typical cost is 0.5–1.5% of the loan amount per year, added to your monthly payment. On a $300,000 loan, PMI can add $125–$375 per month. Once your equity reaches 20% (either through payments or home appreciation), you can typically request PMI cancellation. Lenders must automatically cancel PMI when your loan balance reaches 78% of the original purchase price.
Also useful: Refinance Calculator — see if a lower rate makes sense for your current mortgage. Or explore other loan types including car loans, personal loans, and student loans.