Mortgage Calculator – Estimate Home Loan Payments
Use this free mortgage calculator to estimate your monthly payment, total repayment and interest cost for a home loan. Enter the loan amount, annual interest rate and tenure in years. The calculator applies the standard amortization formula and shows a detailed schedule of principal and interest over time.
Mortgage Calculator
Enter your loan amount, annual interest rate and repayment tenure in years to compute the monthly mortgage payment, total repayment and total interest.
How the mortgage payment formula works
Mortgage payments use the same amortization formula as other fixed-rate loans. Each payment includes principal and interest. The formula is:
M = P × r × (1 + r)n / ((1 + r)n − 1)
- P is the principal loan amount.
- r is the monthly interest rate (annual rate divided by 12 and 100).
- n is the total number of monthly payments (years × 12).
Early in the loan, most of each payment goes to interest. Over time, the principal portion increases and the interest portion decreases until the loan is fully repaid.
Planning your mortgage with a calculator
Before committing to a home loan, understanding your monthly obligation and total interest cost is essential. A mortgage calculator lets you compare different loan amounts, interest rates and tenures. A longer tenure reduces monthly payment but increases total interest; a shorter tenure means higher monthly payments but less interest over the life of the loan.
Use this tool to see how a lower rate or larger down payment affects your numbers. The amortization schedule shows exactly how each payment splits between principal and interest, helping you plan prepayments if your lender allows them. All calculations run in your browser with no data stored or shared.