Mortgage Calculator

Your monthly payment is calculated using the loan amount (property price minus down payment), interest rate, and loan term. The formula accounts for compound interest to determine a fixed monthly payment that covers both principal and interest over the loan period.

An amortization schedule is a table showing how each monthly payment is split between principal and interest over the life of your loan. Early payments go mostly toward interest, while later payments reduce more principal. Our calculator provides both monthly and yearly breakdowns.

A larger down payment reduces your loan amount, resulting in lower monthly payments and less total interest paid. It may also help you avoid PMI (Private Mortgage Insurance) if you put down 20% or more, and could qualify you for better interest rates.

Total interest paid represents all interest charges over the entire loan term. This amount can be substantial - often 50-100% of the original loan amount for 30-year mortgages. Our calculator shows exactly how much interest you'll pay based on your specific loan terms.

While our calculator shows standard monthly payments, making extra principal payments can significantly reduce your total interest and shorten your loan term. The yearly breakdown helps you see how your balance decreases over time with regular payments.