Money & Salary
Mortgage Calculator
Your monthly mortgage payment, the total interest, and how much paying extra saves.
- Runs in your browser
- 0% rates work too
Tell us about the mortgage
Your mortgage
Your payment pops up here
Enter the loan amount, rate and term, then hit Calculate.
Monthly principal + interest
You changed something. Hit Calculate to refresh.
Amortisation by year
| Year | Principal | Interest | Balance |
|---|
Estimates, not a lender quote. PMI, HOA and closing costs aren’t included unless you add them.
How the payment and extra payments are worked out
A fixed-rate mortgage repaid monthly. P is the loan amount, n = years × 12 and r = annual rate ÷ 12. For other fixed-rate loans, use the Loan Calculator.
- Monthly P&I
- P × r ÷ (1 − (1 + r)⁻ⁿ). At 0% it’s P ÷ n.
- Each month
- Interest = balance × r. The payment plus any extra, minus that interest, comes off the balance (never more than what’s left). The loan is paid off when less than half a cent remains.
- Interest saved
- Interest with no extra = payment × n − P. Interest with your extra comes from the month-by-month run. The difference is what you save; the months saved are n minus the months it actually takes.
- Monthly cost
- Required monthly cost = P&I + taxes, insurance and fees. Your monthly outlay adds the extra payment.
Questions
What’s the difference between P&I and PITI?
P&I is the principal and interest payment that repays the loan. PITI adds property taxes and insurance: enter them under Extras and “Required monthly cost” shows the total. “Your monthly outlay” adds any extra payment on top.
How do extra payments work?
An extra payment goes straight off the balance every month, on top of the regular payment. A smaller balance means less interest the next month, so the loan is paid off sooner and the total interest falls. For example, $300,000 at 6.5% over 30 years with $200 extra a month saves $103,448.79 in interest and finishes 6 years 11 months early.
What does the amortisation schedule show?
For each year: how much of your payments went to principal, how much to interest, and the balance left at the end of the year. Early years are mostly interest; later years mostly principal. Open “Amortisation by year” under the result, or download it as a CSV.
Can I use a 0% rate?
Yes. At 0% the payment is the loan amount divided by the number of months, and there is no interest. Extra payments then only shorten the term.
What isn’t included?
Anything you don’t enter: mortgage insurance (PMI), HOA or service charges, and closing costs. Taxes and insurance are your own estimates, and this isn’t a lender quote or an approval.