Repayment schedule by year
| Year | Principal paid | Interest paid | Balance left |
|---|
Fixed-rate estimate using the standard repayment formula. Lender fees, rate changes and local taxes can change the real figure, so confirm with your bank. For education only, not financial advice.
What this mortgage calculator does
This calculator estimates your monthly home loan payment and the full cost of your mortgage. Enter the home price, your down payment, the interest rate and the loan term. You can also add property tax, home insurance and service or HOA fees to see your complete monthly housing cost.
You will see:
- your estimated monthly payment and what it is made of
- how much you need to borrow
- the total interest over the life of the loan
- a year-by-year repayment schedule
How to use it
- Home price: the purchase price of the property.
- Down payment: enter it as a percentage of the price or as an amount, using the selector beside the box.
- Interest rate: the yearly rate offered by your lender.
- Loan term: how many years you will take to repay, often 15 to 30 years.
- Taxes, insurance and fees (optional): open this section to add yearly property tax, yearly home insurance and monthly service or HOA fees. These vary a lot by country and property, so check local figures.
How the payment is calculated
The loan part of your payment uses the standard repayment formula:
Monthly repayment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P = the loan amount (home price minus down payment)
- r = the monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = the number of monthly payments (years × 12)
Yearly property tax and insurance are divided by 12 and added on, along with any monthly fees, to give your estimated total monthly cost.
Worked example
You buy a $400,000 home with a 20% down payment ($80,000), so you borrow $320,000 at 6.5% over 25 years.
- Monthly loan repayment: $2,160.66
- Total interest over 25 years: about $328,199
- Total repaid (loan plus interest): about $648,199
Add yearly property tax of $3,000 and home insurance of $1,200 and your total monthly cost rises to about $2,510.66.
Shorter term: the same loan over 15 years costs $2,787.54 a month, but total interest drops to about $181,758, a saving of roughly $146,000 compared with 25 years.
Ways to reduce your mortgage cost
- Put down more. A bigger down payment means a smaller loan and less interest. In some countries it can also avoid extra mortgage insurance.
- Compare lenders. A small difference in rate makes a large difference over 20 or more years.
- Consider a shorter term if the higher payment fits comfortably in your budget.
- Make extra payments if your lender allows them without penalty. Check the terms first.
- Budget for the extras. Tax, insurance, maintenance and fees are part of owning a home, so include them when deciding what you can afford.
Frequently asked questions
How much house can I afford?
A common rule of thumb is to keep total housing costs to around a quarter to a third of your gross monthly income, but lenders in different countries use different limits. Use this calculator to test prices until the monthly cost fits your budget with room to spare.
Does this work for variable-rate mortgages?
It assumes a fixed rate for the whole term. For a variable rate, run it with a few different rates to see how your payment could change if rates rise or fall.
Why does most of my early payment go to interest?
Interest is charged on what you still owe. At the start the balance is largest, so interest takes the biggest share. Open the repayment schedule to see the split change over time.
Does it include closing costs?
No. Registration fees, legal fees, agent commission and other one-off costs vary by country and are not included. Ask your lender or agent for an estimate.
Is my data saved?
No. The calculator runs entirely in your browser and nothing you type is stored or sent anywhere.
Related calculators
- Loan & EMI calculator: for car, personal and other fixed-rate loans
- Savings goal calculator: plan how to save for your down payment
- All free money calculators
This calculator is for education and planning only and is not financial advice. Confirm all figures with your lender before making a decision.