Mortgage Loan Calculator
Estimate mortgage loan payments, total interest and total repayment.
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Mortgage Loan Formula
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
M = monthly principal and interest payment
P = mortgage loan principal
r = monthly interest rate
n = total number of monthly payments
Total Repayment = Monthly Payment × Number of Payments
Total Interest = Total Repayment − Loan Principal
How to Use the Mortgage Loan Calculator
1
Enter the Loan Amount
Enter the amount borrowed for the mortgage.
2
Enter Interest Rate and Term
Enter the annual interest rate and loan duration.
3
Add an Extra Payment if Needed
Optionally enter an additional amount you plan to pay each month.
4
Review Your Results
Review monthly payment, total interest and total repayment.
Mortgage Loan Costs
Loan Principal
The original amount borrowed for the mortgage.
Total Interest
The financing cost paid over the repayment period.
Total Repayment
The total of all scheduled principal and interest payments.
Frequently Asked Questions
For a fixed-rate mortgage, principal and interest are calculated from the loan principal, monthly interest rate and total number of payments.
Total mortgage repayment is the sum of all scheduled principal and interest payments over the loan term.
Yes. With the loan amount and term unchanged, a higher interest rate generally increases the monthly payment and total interest.
Generally yes, but a longer term usually results in more total interest paid over the life of the mortgage.