Calculate your monthly payment, total interest, and total payment for a fixed‑rate mortgage.
Borrowing 320,000 over 30 years at 6.5 percent.
Monthly payment 2,022.62. Over the full term you repay 728,142.36, of which 408,142.36 is interest.
This is the principal-and-interest payment only — the part that pays the lender back. The amount that leaves your account each month is usually larger, because property tax, buildings insurance, mortgage insurance where it applies, and any service or association charge are commonly collected alongside it. When you compare this figure against a rent payment, add those items in or you will be comparing a partial cost against a complete one.
Interest is charged on the outstanding balance, so in early years almost all of the payment services interest and very little reduces principal. That is also why the term matters more than most people expect: the same 320,000 at 6.5 percent over 15 years has a payment of about 2,787.54 — 765 a month more — but total interest of roughly 181,800 instead of 408,100. The rate matters just as sharply. Run the same loan at 5.5 percent and the payment drops to about 1,816.92, cutting roughly 74,000 of interest over the term.
Two checks are worth doing. First, take the payment and compare it to your take-home pay after everything else fixed is deducted, not to your gross salary. Second, look at the total-interest line and ask whether you expect to hold the loan for its full term — most people do not, and if you plan to move or refinance in seven years the lifetime interest figure overstates what you will actually pay while the monthly figure stays exactly right.
This calculator requires an interest rate above zero, because the standard amortisation formula divides by ((1 + r)^n − 1), which is zero when r is zero. If you genuinely want to model an interest-free loan, the payment is simply the principal divided by the number of months.
Almost always because the quote bundles more than principal and interest. Property tax and insurance collected into an escrow or impound account are the usual difference, and mortgage insurance is added when the deposit is below the lender threshold. Fees rolled into the loan also raise the principal above the figure you entered here. Ask for the principal-and-interest line specifically and compare that against this result — it should match to within a rounding of the rate.
More than its size suggests, because every extra unit goes straight against principal and stops accruing interest for the rest of the term. The effect depends on your rate and how early you start, so the way to see it is to reduce the term in this calculator until the monthly payment matches what you could actually afford, then read the total-interest line. That difference is what prepayment is worth to you.
The loan amount. Enter the price minus your deposit and minus anything you are paying in cash at closing. Entering the full price inflates both the payment and the interest total by the size of your deposit.
Only for the period the rate is fixed. The formula assumes one rate for the whole term. For a loan that is fixed for an initial period and then floats, calculate the payment at the initial rate to see what you pay now, then run it again at a higher rate to see what the payment becomes if it resets upward — the second number is the one that tells you whether the loan is affordable.
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