Mortgage Calculator
100% PrivateCalculatorsWork out the real monthly cost of a home loan, including principal, interest and extras.
Runs entirely in your browser. Your input is not uploaded to Ovatly or anywhere else.
Total interest over the term: 370,682.20. Tax shown at 400.00 per month and insurance at 150.00 per month, each spread evenly.
| Year | Interest paid | Balance at year end |
|---|---|---|
| 1 | 19,093.10 | 316,070.36 |
| 2 | 18,850.73 | 311,898.35 |
| 3 | 18,593.41 | 307,469.02 |
| 4 | 18,320.22 | 302,766.50 |
| 5 | 18,030.18 | 297,773.94 |
| 6 | 17,722.25 | 292,473.45 |
| 7 | 17,395.33 | 286,846.03 |
| 8 | 17,048.24 | 280,871.53 |
| 9 | 16,679.74 | 274,528.54 |
| 10 | 16,288.52 | 267,794.32 |
| 11 | 15,873.17 | 260,644.75 |
| 12 | 15,432.20 | 253,054.21 |
| 13 | 14,964.03 | 244,995.50 |
| 14 | 14,466.99 | 236,439.75 |
| 15 | 13,939.29 | 227,356.30 |
| 16 | 13,379.04 | 217,712.60 |
| 17 | 12,784.24 | 207,474.10 |
| 18 | 12,152.75 | 196,604.12 |
| 19 | 11,482.31 | 185,063.69 |
| 20 | 10,770.53 | 172,811.48 |
| 21 | 10,014.84 | 159,803.57 |
| 22 | 9,212.54 | 145,993.37 |
| 23 | 8,360.75 | 131,331.38 |
| 24 | 7,456.44 | 115,765.08 |
| 25 | 6,496.34 | 99,238.68 |
| 26 | 5,477.03 | 81,692.97 |
| 27 | 4,394.85 | 63,065.07 |
| 28 | 3,245.92 | 43,288.25 |
| 29 | 2,026.13 | 22,291.64 |
| 30 | 731.10 | 0.00 |
- 1Enter the home price and your down payment.
- 2Enter the annual interest rate and the term in years.
- 3Add yearly property tax and insurance if you want them in the monthly figure (both are optional).
- 4Read the monthly breakdown and the balance table.
The loan is 320,000 and the principal-and-interest payment is 1,918.56 per month. Adding 4,800 a year of tax (400 a month) and 1,800 a year of insurance (150 a month) brings the true monthly cost to 2,468.56, the number a budget actually feels.
- The rate is assumed fixed for the whole term with monthly payments; adjustable-rate mortgages will move.
- Tax and insurance are spread evenly, matching how escrow accounts collect them, but your actual escrow will also include a cushion.
- Closing costs, PMI and HOA dues are not included; add them separately when comparing offers.
It reduces the loan amount, the monthly payment and the total interest together. On the example above, doubling the down payment to 160,000 cuts the payment to 1,438.92 and removes a large share of the interest.
About this tool
The Mortgage Calculator works out the real monthly cost of a home loan: principal and interest from the standard amortization formula, plus property tax and homeowner's insurance spread across the year, with a year-by-year balance table. Use it to compare terms and down payments before talking to a lender.
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