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Mortgage calculator

Enter the loan amount, rate and term, then your own yearly property tax, insurance and other housing costs, to see the full monthly payment, the total interest and when the loan is paid off.

Loan amount

Interest rate (per year)

Term (years)

Property tax (per year)

Home insurance (per year)

Other housing costs (per year, optional)

Extra principal (per month, optional)

Total monthly payment

2,496.20

Principal and interest: 1,896.20
Property tax (monthly): 300.00
Insurance (monthly): 100.00
Other costs (monthly): 0.00
Extra principal: 200.00
Total interest: 279,184.67
Paid off after (months): 277
Interest saved by extra payments: 103,448.79
Months saved: 83

Tax, insurance and other costs are your own yearly figures divided by 12. No country's tax rules, mortgage insurance or fees are added.

Amortization schedule

Principal and interest paid each year

Principal
Interest

Show

Repayment by year: opening balance, payments, principal, interest and closing balance. Amounts are rounded to the cent.
Year	Opening balance	Payment	Principal	Interest	Closing balance
1	300,000.00	25,154.45	5,825.98	19,328.47	294,174.02
2	294,174.02	25,154.45	6,216.16	18,938.29	287,957.86
3	287,957.86	25,154.45	6,632.47	18,521.98	281,325.39
4	281,325.39	25,154.45	7,076.66	18,077.79	274,248.73
5	274,248.73	25,154.45	7,550.59	17,603.86	266,698.14
6	266,698.14	25,154.45	8,056.27	17,098.18	258,641.87
7	258,641.87	25,154.45	8,595.81	16,558.63	250,046.05
8	250,046.05	25,154.45	9,171.49	15,982.96	240,874.56
9	240,874.56	25,154.45	9,785.72	15,368.73	231,088.84
10	231,088.84	25,154.45	10,441.09	14,713.36	220,647.75
11	220,647.75	25,154.45	11,140.35	14,014.10	209,507.40
12	209,507.40	25,154.45	11,886.44	13,268.01	197,620.96
13	197,620.96	25,154.45	12,682.50	12,471.95	184,938.46
14	184,938.46	25,154.45	13,531.87	11,622.58	171,406.59
15	171,406.59	25,154.45	14,438.12	10,716.33	156,968.47
16	156,968.47	25,154.45	15,405.07	9,749.38	141,563.40
17	141,563.40	25,154.45	16,436.78	8,717.67	125,126.62
18	125,126.62	25,154.45	17,537.58	7,616.87	107,589.05
19	107,589.05	25,154.45	18,712.10	6,442.35	88,876.95
20	88,876.95	25,154.45	19,965.29	5,189.16	68,911.66
21	68,911.66	25,154.45	21,302.40	3,852.05	47,609.26
22	47,609.26	25,154.45	22,729.06	2,425.39	24,880.21
23	24,880.21	25,154.45	24,251.27	903.18	628.94
24	628.94	632.35	628.94	3.41	0.00

Calculated on this page. Nothing you type is sent anywhere.

Get the loan calculator in the LuxeCalc appOpens the App Store or Google Play on a phone, or the download page on a computer.

How it works

The principal-and-interest part uses the standard amortization formula: M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the yearly rate divided by 12 and n is the number of monthly payments. Property tax, home insurance and other housing costs are the yearly amounts you enter, divided by 12 and added on top.

Extra principal is paid on top of the fixed monthly payment and goes straight to the balance, so later months charge less interest and the loan ends sooner. The last payment is only what is left. Interest saved compares the same loan without the extra payments.

Worked example

A loan of 300,000.00 at 6.5% over 30 years costs 1,896.20 a month in principal and interest. With 3,600.00 a year of property tax, 1,200.00 a year of insurance and 200.00 of extra principal each month, the monthly total is 2,496.20. The loan is paid off after 277 months with 279,184.67 of interest, 103,448.79 less than without the extra payments.

Keep it on your phone

The LuxeCalc app has a loan calculator and 18 more tools. It works offline, with no ads and no account.

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Questions

Does this include mortgage insurance (PMI) or closing costs?

How much do extra payments save?

Where do I find my property tax and insurance costs?

Amortization schedule

How it works

Worked example

Keep it on your phone

Questions

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