Mortgage Calculator
Monthly repayment
80% LTV$2,022.62principal & interest
- Total interest
- $408,142.36
- Paid off
- Oct 1, 2056
- Loan amount
- $320,000.00
- Down payment (20%)
- $80,000.00
- Total of payments
- $728,142.36
Show how it’s worked outHide working
320,000 × r × (1 + r)^360 ÷ ((1 + r)^360 − 1) = 2,022.62 with r = 6.5% ÷ 12 = 0.005417. Property tax, insurance and fees are not included.
About Mortgage
A mortgage is an amortising loan: a fixed monthly payment that clears the balance over the term, with the interest share shrinking and the principal share growing every month. The calculator works out that payment from the price, your deposit, the rate and the term.
Formula: M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount after the deposit, r the monthly rate (annual ÷ 12 ÷ 100) and n the number of monthly payments.
Loan-to-value (LTV) is the loan as a share of the price. Below 80% usually means better rates and, in the US, no private mortgage insurance. The result covers principal and interest only — property tax, home insurance, HOA fees and mortgage insurance are added on top by most lenders.
Common questions
- How is a mortgage payment calculated?
- The same formula as any amortising loan: M = P x r x (1 + r)^n / ((1 + r)^n - 1), with P the loan amount after your deposit, r the monthly rate and n the number of monthly payments.
- Does this include taxes and insurance?
- No. The result is principal and interest only. Property tax, home insurance and any mortgage insurance are added on top by most lenders.
Balance by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 3,576.72 | 20,694.69 | 316,423.28 |
| 2 | 3,816.26 | 20,455.15 | 312,607.02 |
| 3 | 4,071.84 | 20,199.57 | 308,535.17 |
| 4 | 4,344.54 | 19,926.87 | 304,190.63 |
| 5 | 4,635.50 | 19,635.91 | 299,555.13 |
| 6 | 4,945.95 | 19,325.46 | 294,609.18 |
| 7 | 5,277.19 | 18,994.22 | 289,331.98 |
| 8 | 5,630.62 | 18,640.80 | 283,701.37 |
| 9 | 6,007.71 | 18,263.70 | 277,693.66 |
| 10 | 6,410.06 | 17,861.36 | 271,283.60 |
| 11 | 6,839.35 | 17,432.06 | 264,444.26 |
| 12 | 7,297.39 | 16,974.02 | 257,146.86 |
| 13 | 7,786.11 | 16,485.30 | 249,360.75 |
| 14 | 8,307.56 | 15,963.85 | 241,053.19 |
| 15 | 8,863.94 | 15,407.48 | 232,189.25 |
| 16 | 9,457.57 | 14,813.84 | 222,731.68 |
| 17 | 10,090.96 | 14,180.45 | 212,640.72 |
| 18 | 10,766.77 | 13,504.64 | 201,873.95 |
| 19 | 11,487.84 | 12,783.57 | 190,386.11 |
| 20 | 12,257.20 | 12,014.21 | 178,128.90 |
| 21 | 13,078.09 | 11,193.32 | 165,050.81 |
| 22 | 13,953.96 | 10,317.46 | 151,096.86 |
| 23 | 14,888.48 | 9,382.93 | 136,208.38 |
| 24 | 15,885.59 | 8,385.83 | 120,322.79 |
| 25 | 16,949.47 | 7,321.94 | 103,373.32 |
| 26 | 18,084.61 | 6,186.80 | 85,288.71 |
| 27 | 19,295.77 | 4,975.64 | 65,992.94 |
| 28 | 20,588.05 | 3,683.37 | 45,404.89 |
| 29 | 21,966.86 | 2,304.55 | 23,438.03 |
| 30 | 23,438.03 | 833.39 | 0.00 |