Mortgage calculator
Enter the home price, your down payment, the interest rate and the term to see your monthly payment, the total interest and how the balance falls each year.
Monthly payment$1,478
- Loan amount
- $280,000
- Total interest
- $163,383
- Total repaid
- $443,383
PrincipalInterest
Yearly schedule
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $6,656 | $11,079 | $273,344 |
| 2 | $6,928 | $10,808 | $266,416 |
| 3 | $7,210 | $10,525 | $259,206 |
| 4 | $7,504 | $10,232 | $251,702 |
| 5 | $7,809 | $9,926 | $243,893 |
| 6 | $8,128 | $9,608 | $235,765 |
| 7 | $8,459 | $9,277 | $227,307 |
| 8 | $8,803 | $8,932 | $218,503 |
| 9 | $9,162 | $8,573 | $209,342 |
| 10 | $9,535 | $8,200 | $199,806 |
| 11 | $9,924 | $7,812 | $189,883 |
| 12 | $10,328 | $7,407 | $179,555 |
| 13 | $10,749 | $6,987 | $168,806 |
| 14 | $11,187 | $6,549 | $157,619 |
| 15 | $11,642 | $6,093 | $145,977 |
| 16 | $12,117 | $5,619 | $133,860 |
| 17 | $12,610 | $5,125 | $121,249 |
| 18 | $13,124 | $4,611 | $108,125 |
| 19 | $13,659 | $4,076 | $94,466 |
| 20 | $14,215 | $3,520 | $80,251 |
| 21 | $14,795 | $2,941 | $65,456 |
| 22 | $15,397 | $2,338 | $50,059 |
| 23 | $16,025 | $1,711 | $34,034 |
| 24 | $16,677 | $1,058 | $17,357 |
| 25 | $17,357 | $378 | $0 |
Estimates for information only. They are not financial advice.
How it works
- The loan amount is the home price minus your down payment.
- The monthly payment uses a fixed rate and equal monthly instalments.
- Taxes and insurance are added on top of the loan payment.
Frequently asked questions
How is a monthly mortgage payment calculated?
The loan amount, the monthly interest rate and the number of payments give a fixed instalment. Early payments are mostly interest, and the share going to principal grows over time.
Does a larger down payment save money?
Yes. A larger down payment reduces the amount you borrow, so you pay less interest over the life of the loan and your monthly payment is lower.