Calculate your monthly mortgage payment, total interest paid and full amortisation schedule. Also known as a home loan calculator or house payment calculator. Supports extra payments to see how much interest you can save. Free, accurate and mobile-friendly.
Enter your loan details to see your monthly payment and full amortization schedule
Your monthly mortgage payment is calculated using this formula:
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where: P = loan amount (principal), r = monthly interest rate (annual rate ÷ 12), n = total number of payments (years × 12).
For example, a 40,000 loan at 6.5% for 30 years: monthly rate = 6.5%/12 = 0.5417%, n = 360 payments, monthly payment = ,517.
An amortization schedule shows every monthly payment over the life of your loan — broken down into how much goes to principal (reducing your balance) and how much goes to interest. Early in the loan, most of your payment is interest. As the balance reduces, more goes to principal.
Making extra payments directly reduces your principal balance, which means less interest accumulates each month. Even a small extra payment of 00/month on a 30-year 00,000 mortgage at 6.5% can save over 0,000 in interest and cut 4+ years off the loan term.
Whether you call it a mortgage calculator, home loan calculator or bond calculator (as it is known in South Africa), this free tool helps you calculate your monthly repayment on any property loan. It is used by first-time buyers, property investors and homeowners across the United States, United Kingdom, Canada, Australia, India, Kenya, Nigeria, South Africa and beyond.
A mortgage and a home loan refer to the same thing — a loan secured against a property. The term mortgage is most common in the United States and United Kingdom, while home loan is widely used in Australia, India and parts of Africa. This calculator works the same way regardless of what it is called in your country.
This calculator assumes a fixed interest rate — meaning your rate stays the same for the entire loan term. If you have a variable rate (also called adjustable rate or tracker mortgage), your actual payments may change over time. Use this calculator to model different rate scenarios and plan for potential rate changes.
The amortisation schedule (spelled amortization in American English) shows exactly how much of each payment goes to interest versus reducing your loan balance. In the early years of a mortgage, the majority of each payment is interest. Over time, as the principal reduces, more of your payment goes toward actually paying off the loan.