Mortgage Calculator
What a property costs each month: the loan, the deposit, and the charges you pay alongside it.
Runs entirely in your browser. Nothing is uploaded, logged or stored.
Total each month
1,266.81
- Loan payment
- 1,266.81
- Other monthly costs
- 0.00
- Amount borrowed
- 240,000.00
- Deposit as a share of the price
- 20.00
- Total paid over the term
- 380,042.53
- Total interest
- 140,042.53
Year by year
| Year | Paid | Interest | Principal | Balance left |
|---|---|---|---|---|
| 1 | 15,201.70 | 9,496.15 | 5,705.55 | 234,294.45 |
| 2 | 15,201.70 | 9,263.70 | 5,938.00 | 228,356.45 |
| 3 | 15,201.70 | 9,021.78 | 6,179.92 | 222,176.53 |
| 4 | 15,201.70 | 8,770.00 | 6,431.70 | 215,744.82 |
| 5 | 15,201.70 | 8,507.96 | 6,693.74 | 209,051.08 |
| 6 | 15,201.70 | 8,235.25 | 6,966.46 | 202,084.62 |
| 7 | 15,201.70 | 7,951.42 | 7,250.28 | 194,834.34 |
| 8 | 15,201.70 | 7,656.03 | 7,545.67 | 187,288.68 |
| 9 | 15,201.70 | 7,348.61 | 7,853.09 | 179,435.59 |
| 10 | 15,201.70 | 7,028.66 | 8,173.04 | 171,262.55 |
| 11 | 15,201.70 | 6,695.68 | 8,506.02 | 162,756.53 |
| 12 | 15,201.70 | 6,349.13 | 8,852.57 | 153,903.97 |
| 13 | 15,201.70 | 5,988.47 | 9,213.23 | 144,690.73 |
| 14 | 15,201.70 | 5,613.11 | 9,588.60 | 135,102.14 |
| 15 | 15,201.70 | 5,222.45 | 9,979.25 | 125,122.89 |
| 16 | 15,201.70 | 4,815.88 | 10,385.82 | 114,737.07 |
| 17 | 15,201.70 | 4,392.75 | 10,808.95 | 103,928.12 |
| 18 | 15,201.70 | 3,952.37 | 11,249.33 | 92,678.79 |
| 19 | 15,201.70 | 3,494.06 | 11,707.64 | 80,971.15 |
| 20 | 15,201.70 | 3,017.07 | 12,184.63 | 68,786.52 |
| 21 | 15,201.70 | 2,520.65 | 12,681.05 | 56,105.47 |
| 22 | 15,201.70 | 2,004.01 | 13,197.70 | 42,907.77 |
| 23 | 15,201.70 | 1,466.31 | 13,735.39 | 29,172.38 |
| 24 | 15,201.70 | 906.71 | 14,294.99 | 14,877.39 |
| 25 | 15,201.70 | 324.31 | 14,877.39 | 0.00 |
Price minus deposit is what you borrow; the rest is the same annuity arithmetic as any loan. What makes a mortgage different is everything that rides alongside the payment, so there is a field for it rather than an assumption about it.
How it works
The loan is the price less the deposit, repaid in equal monthly instalments over the term. Each instalment covers the month's interest first and reduces the balance with what is left, which is why the year-by-year table barely moves at the start.
Other monthly costs are added to the payment to give the figure that actually leaves the account, and are excluded from the interest total because they are not part of the loan.
Examples
| Case | Input | Result |
|---|---|---|
| Twenty per cent down | 300,000 price, 60,000 deposit, 4% over 25 years | 1,266.81 a month on 240,000 borrowed |
| The same property with half the deposit | 300,000 price, 30,000 deposit, 4% over 25 years | 1,425.16 a month on 270,000 borrowed |
Frequently asked questions
Why do I have to type the taxes and insurance myself?
Because property tax, buildings insurance and mortgage insurance depend on the country, the region, the property and the lender. A figure invented here would be wrong for almost everyone and would look authoritative while being so.
Does a bigger deposit save more than a shorter term?
Try both. A larger deposit reduces the balance interest is charged on; a shorter term reduces the number of months it is charged for. The second usually saves more interest and costs more each month, and the table shows the trade directly.
Is a fixed rate assumed?
Yes. The rate is applied unchanged for the whole term. A variable or tracker rate cannot be projected without predicting the future, which is not something a calculator should pretend to do.
Good to know
- Amounts carry no currency: the answer is in whatever you put in.
- Results use double precision floating point arithmetic. That is exact enough to decide with and is not an accounting record.
- The rate is treated as fixed for the whole term, and no fee, tax or insurance is assumed anywhere.