Mortgage Calculator
Free mortgage calculator and home loan payment calculator for planning worldwide. Enter property price and down payment or a direct loan amount, nominal annual interest rate, term in years, and payment frequency to estimate your periodic payment, total interest, and full amortization schedule. Optional extra payments each period show estimated interest saved and periods shaved off. Display currency labels are for formatting only — math is country-independent. Planning estimates only — not loan approval, credit assessment, or financial advice. Actual lender quotes may differ due to fees, taxes, insurance, escrow, and local compounding rules.
How to Use the Mortgage Calculator
Choose how to enter the loan (property price + down payment or direct loan amount), set rate, term, and payment frequency, optionally add extra payments, then calculate to see payment, total interest, and amortization.
- Select Price + down payment or Loan amount input mode.
- Enter property price and down payment, or enter loan amount directly.
- Set annual interest rate (%), loan term (years), and payment frequency.
- Choose a display currency for formatted results.
- Optionally enter an extra payment amount applied each period.
- Press Calculate and review periodic payment, total interest, and payoff summary.
- Expand the amortization schedule (by period or by year) to inspect principal and interest split.
Amortization methodology
- Fixed nominal annual rate divided evenly by periods per year → periodic rate.
- Level payment amortizes principal over total periods (term years × periods per year).
- Each period: interest = remaining balance × periodic rate; principal = payment − interest.
- Extra payments reduce principal after scheduled interest, shortening the schedule.
Worked examples
- Loan 300,000 at 6% for 30 years, monthly → about 1,798.65 per month (planning estimate).
- Property 500,000, down 100,000, loan 400,000 at 5% for 25 years, monthly → payment plus full schedule.
- Same loan with 200 extra each month → lower total interest and fewer periods to payoff.
Common mistakes
- Comparing this payment to a lender quote that bundles tax and insurance.
- Using APR interchangeably with the nominal annual rate field.
- Ignoring payment frequency — fortnightly payments differ from monthly totals over a year.
- Treating planning output as loan approval or affordability certification.
Limitations
No property tax, insurance, PMI, HOA, stamp duty, or lender fees. Nominal rate evenly split across periods — may differ from bank compounding. Planning estimates only — not financial advice or loan approval.
Privacy
Loan amounts, rates, and schedules stay in your browser. Nothing is uploaded to ToolsLibrary servers for this calculator.
FAQ
How does this mortgage calculator work?
It uses a standard fixed-rate amortizing loan formula. Loan amount, nominal annual interest rate, term, and payment frequency determine a level periodic payment. Each payment covers interest on the remaining balance first, then reduces principal.
Is this calculator for Australia, the UK, Canada, or the USA?
The mathematics is global and country-independent. Choose a display currency and payment frequency that matches how you plan (monthly, fortnightly, etc.). It does not hardcode national taxes, insurance, or lender rules.
Does this approve a home loan?
No. Results are planning estimates only — not loan approval, credit assessment, or financial advice. Lenders apply their own fees, underwriting, and compounding conventions.
What payment frequencies are supported?
Monthly, biweekly, fortnightly, weekly, quarterly, and annually. The nominal annual rate is divided evenly across the selected number of periods per year.
Can I model extra mortgage payments?
Yes. Add an optional extra amount each period to see estimated interest saved, periods saved, and accelerated payoff date compared with the baseline schedule.
Why might my bank’s payment differ?
Banks may include property tax, insurance, escrow, origination fees, points, or different compounding and repayment rules. Always confirm figures with your lender.
What is the difference between Price + down payment and Loan amount modes?
Price + down payment derives loan amount as property price minus down payment (and shows down payment %). Loan amount mode lets you enter the principal directly when you already know the borrowed balance.
Does display currency change the math?
No. Currency code affects number formatting and labels only. There is no foreign-exchange conversion — enter all amounts in the currency you select for display.
Are my loan details uploaded?
No. Loan inputs and amortization schedules are calculated in your browser. They are not uploaded to ToolsLibrary servers.
Is this financial advice?
No. Use results for planning and comparison only. Consult a licensed advisor or your lender for borrowing decisions.