Mortgage Calculator
Simulate a home loan with equal installments or equal principal, insurance, fees, extra payments and a full amortization schedule.
Frequently asked questions
Which costs less: equal installments or equal principal?
Equal principal pays the debt down faster, so the total interest is lower, but the first installments are higher. Equal installments keep the same payment from the first to the last month and suit tighter budgets.
Should an extra payment shorten the term or lower the installment?
Shortening the term saves more interest because the remaining balance is repaid sooner. Lowering the installment keeps the end date and frees part of the monthly budget.
What is the difference between a nominal and an effective annual rate?
A nominal rate is divided by 12 to get the monthly rate. An effective rate already includes monthly compounding, so its monthly rate is slightly lower. Check which one your contract states.
Why is the last installment a little different?
Every month the interest is rounded to the cent, so the last installment absorbs the small difference and the balance closes at exactly zero.
Related calculators: Loan Calculator, Compound Interest
How the mortgage calculator works
Enter the property price, the down payment, the annual interest rate and the term, then choose how the loan is repaid: equal installments (also known as an annuity loan, Price table, EMI, 等额本息, 元利均等 or 원리금균등) or equal principal (constant amortization, SAC, differentiated payments, 等额本金, 元金均等 or 원금균등). You can add monthly insurance, upfront fees and extra payments, and pick any currency. The page shows the first and last installment, total interest, total cost, a yearly summary, a stacked chart, the full month-by-month schedule and a CSV file you can open in a spreadsheet.
The monthly rate is the annual rate divided by 12 for a nominal rate, or (1 + annual rate)^(1/12) − 1 for an effective rate. With equal installments the payment is P·i / (1 − (1 + i)^−n), where P is the loan, i the monthly rate and n the number of months. With equal principal each month repays P/n plus the interest on the remaining balance, so installments fall over time. Interest is rounded to the cent every month. Insurance is a percentage of the opening balance plus an optional fixed amount. An extra payment either shortens the term or lowers the installment.
Example: a loan of 320,000 (a 400,000 property with 20% down) at 6.5% a year for 30 years with equal installments has a first installment of US$ 2,022.62 and total interest of US$ 408,140.64. The calculator assumes a fixed rate, with no grace period and no taxes, and it does not replace your lender's offer: the schedule in your contract prevails, so compare the annual percentage rate and all fees before you sign.