Mortgage payment calculator
Type the loan, the term and the rate. Add the rate after an introductory period and any extra payments, monthly or one-time, to see the payment, the interest and the payoff date.
Estimate · guidance, not advice
- Interest is worked out monthly on what's owed. Your lender's figures come first.
See the whole picture
The Net Worth Tracker Spreadsheet shows what you owe on the mortgage next to everything you have, month by month.
Net Worth Tracker Spreadsheet · sold on Etsy
Principal and interest
Each payment covers that month's interest and pays down some of the loan. Property taxes, homeowners insurance and mortgage insurance are often paid with it through escrow; this payment leaves them out.
When an introductory rate ends
On an adjustable-rate mortgage, type the years at the first rate and the rate after it. The payment is worked out again on what's left, over the rest of the term.
Extra payments
An extra payment comes off the principal, so less interest builds up and the loan ends sooner. Check your loan has no prepayment penalty.
A worked example
A $320,000 loan over 30 years at 6.5%: $2,022.61 a month in principal and interest, and $408,148.09 in interest over the term. Paying $200 extra a month saves $105,431.42 in interest and finishes 6 years and 7 months sooner.
Questions
What does interest-only mean?
You pay just the interest each month, so the loan is still owed at the end.
Updated