Property Value

Down Payment

Interest Rate


Term (Months)

Monthly Mortgage


Periods Principal Paid Interest Paid Remaining Loan
1 4773.7 1926.67 335226.3
2 4800.75 1899.62 330425.55
3 4827.96 1872.41 325597.59
4 4855.32 1845.05 320742.27
5 4882.83 1817.54 315859.44
6 4910.5 1789.87 310948.94
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What is Mortgage Calculator?

A Mortgage Calculator is an online tool that helps you calculate the monthly payments and the total cost of a mortgage based on the loan amount, interest rate, and tenure of the loan. A mortgage is a type of loan used to finance the purchase of a property, and the monthly payments are spread over a fixed period of time. The mortgage calculator takes into account the principal amount, the interest rate, and the duration of the mortgage, and calculates the monthly payments based on these factors. It can also show you how much of your payment goes towards paying off the principal and how much goes towards paying the interest. Using a mortgage calculator can help you understand the cost of the loan and plan your finances better.

How to use Mortgage Calculator?

To use a Mortgage Calculator, follow these simple steps:

  1. Enter the property value: This is the total value of the property you are looking to buy. It is important to note that this value may include additional costs such as stamp duty, legal fees, and other charges.
  2. Enter the down payment: This is the amount of money you are planning to put down as a down payment for the property. The higher the down payment, the lower your mortgage amount will be.
  3. Enter the interest rate: This is the rate at which your mortgage loan will be charged. It is expressed as a percentage and can vary depending on factors such as the lender, the loan amount, and the loan term.
  4. Enter the term: This is the length of time over which you plan to repay the mortgage loan. Enter in months.
Once you have entered these inputs, the mortgage calculator will generate an estimate of your monthly mortgage payments, including the yearly principal and interest paid, and remaining loan based on the information you provided.

Mortgage Formula

The mortgage formula for calculating the monthly payment is:

M = P * (r * (1+r)^n) / ((1+r)^n - 1)
M = Monthly payment
P = Principal (amount borrowed)
r = Monthly interest rate (annual interest rate divided by 12)
n = Total number of payments (number of years multiplied by 12)

Benefits of using Mortgage Calculator

  • Accurate results: The Mortgage Calculator at uses a precise formula to calculate the mortgage payments, ensuring that the results are accurate and reliable.
  • Time-saving: The calculator provides instant results, saving time and effort in manual calculations.
  • Customizable variables: The calculator allows users to customize variables such as the loan amount, interest rate, loan term, and payment frequency, making it easy to calculate the mortgage payments for different scenarios.
  • Clear financial planning: The calculator helps in planning financial goals by providing a clear picture of the mortgage payments and the total cost of the loan for the specified period.
  • Educational value: Using the calculator can help enhance knowledge about the concept of mortgages and its potential impact on personal finances.
  • User-friendly interface: The Mortgage Calculator at has a simple and user-friendly interface, making it easy for anyone to use, even those with limited financial knowledge.
  • Comparison tool: The calculator can be used as a comparison tool for different mortgage options, helping borrowers make informed decisions.
  • Free to use: The Mortgage Calculator at is completely free to use, with no hidden fees or charges.

Limitations of using Mortgage Calculator

  • Estimates only: The Mortgage Calculator provides an estimate of monthly payments and total interest paid based on the user's inputs. It should not be considered as a guarantee of actual mortgage payments or interest paid.
  • Limited input options: The calculator may have limited input options, which may not allow for customization of certain variables that may affect the mortgage calculation.
  • No consideration for other expenses: The calculator may not factor in other expenses that come with owning a property, such as property taxes, homeowner's insurance, or maintenance costs.
  • Assumption of fixed interest rate: The calculator assumes a fixed interest rate throughout the mortgage term, which may not be the case in real-world scenarios where interest rates may fluctuate.
  • No consideration for prepayment penalties: The calculator does not factor in any prepayment penalties that may apply if the user chooses to pay off the mortgage early.
  • No guarantee of accuracy: The calculator provides estimation-based results and may not always be accurate, especially when dealing with complex scenarios or unexpected changes in the interest rates.
  • Does not account for creditworthiness: The calculator does not take into account the user's creditworthiness, which can affect the interest rate and the terms of the mortgage.
  • May not be applicable for all types of mortgages: The calculator may not be applicable for all types of mortgages, such as adjustable-rate mortgages or interest-only mortgages.

Frequently Asked Questions

What is a mortgage?

A mortgage is a legal agreement between a lender and a borrower, where the lender provides a loan to the borrower to purchase a property or a real estate asset. The loan is secured by the property itself, which means that if the borrower fails to make the mortgage payments, the lender can seize the property and sell it to recover the outstanding amount. Mortgages typically have a fixed or variable interest rate and a specific term during which the borrower must make regular payments to repay the loan.

Can a mortgage calculator show me the interest and principal breakdown of my mortgage payments?

Yes, a mortgage calculator can show you the interest and principal breakdown of your mortgage payments.

Are mortgage calculators accurate?

Mortgage calculators are generally accurate, but they are only estimates and do not take into account all the factors that may affect your mortgage payments.

Can I use a mortgage calculator for a refinance?

Yes, you can use a mortgage calculator for a refinance by entering the new loan amount, interest rate, and term.

Can I use a mortgage calculator for a home equity loan or line of credit?

No, you cannot use a mortgage calculator for a home equity loan or line of credit as these loans have different terms and repayment options.

Can a mortgage calculator help me determine how much house I can afford?

Yes, a mortgage calculator can help you determine how much house you can afford by calculating your monthly mortgage payments based on your income and expenses.

Can I use a mortgage calculator to calculate my property taxes and insurance?

No, you cannot use a mortgage calculator to calculate your property taxes and insurance as these fees vary by location and are not part of your mortgage payment.

Can I use a mortgage calculator to calculate my PMI (private mortgage insurance)?

Yes, you can use a mortgage calculator to calculate your PMI by entering the loan amount, interest rate, and down payment.