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Mortgage calculator

Enter the property price, your down payment, the annual rate and the term to see the monthly principal-and-interest payment, the loan size and the interest over the full term.

Runs locally in your browser

How it works

The loan is the price minus the down payment. The monthly payment then comes from M = L × i ÷ (1 − (1 + i)^−n), with i the annual rate divided by 100 and then by 12, and n the number of monthly payments. The tool also reports the down payment as a percentage of the price and the total cost including the deposit. Property tax, buildings insurance, mortgage insurance, arrangement fees and service charges are not part of this figure, and a variable rate will change it.

Worked example

A 300,000 home with a 60,000 down payment leaves a 240,000 loan. At 6% over 30 years, i = 0.005 and n = 360, so the payment is 240,000 × 0.005 ÷ (1 − 1.005^−360) = 1,438.92. The down payment is 20% of the price, 360 payments total 518,011.20 and the interest is 278,011.20.

Questions and answers

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