Mortgage Calculator
Overview
This Mortgage Calculator is specifically tailored for home mortgages. It calculates your monthly payment and provides an amortization schedule, factoring in down payment, property taxes, and insurance. Ideal for prospective home buyers, real estate professionals, and financial planners.
Calculate Your Mortgage
Results:
Monthly Mortgage Payment: -
Total Cost Over Term: -
Amortization Schedule
| Month | Principal | Interest | Balance |
|---|
How Mortgage Calculation Works
We use the loan amortization formula:
\( \text{Payment} = P \times \frac{r}{1 - (1 + r)^{-n}} \)
- P: Loan Amount (Home Price – Down Payment)
- r: Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n: Total Payments (Loan Term × 12)
Additional costs such as property taxes and insurance are incorporated into the monthly payment.
Example: For a €300,000 home with a €60,000 down payment at 4% annual interest for 30 years, the monthly payment is approximately €1,146.73.
Frequently Asked Questions
How do I calculate my mortgage payments?
Enter your home price, down payment, interest rate, term, and optional property tax and insurance values. Click "Calculate" to view your monthly payment and total cost.
What is an amortization schedule?
An amortization schedule shows the breakdown of each payment into principal and interest, along with the remaining loan balance over time.
Can I use this calculator for different currencies?
Yes. Use the Currency selector to choose between Euro (€), Dollar ($), or Pound (£) for your calculations.