Work out your monthly mortgage payment, the total interest and how the balance falls year by year.
Monthly payment
843.21
Loan amount
200,000.00
Total interest
103,554.90
Total paid
303,554.90
Year
Interest
Principal
Balance
1
5,942.90
4,175.60
195,824.40
2
5,815.89
4,302.61
191,521.79
3
5,685.02
4,433.47
187,088.32
4
5,550.17
4,568.32
182,520.00
5
5,411.23
4,707.27
177,812.73
6
5,268.05
4,850.45
172,962.28
7
5,120.52
4,997.98
167,964.30
8
4,968.50
5,150.00
162,814.30
9
4,811.86
5,306.64
157,507.66
10
4,650.45
5,468.05
152,039.62
11
4,484.14
5,634.36
146,405.26
12
4,312.76
5,805.74
140,599.52
13
4,136.17
5,982.32
134,617.20
14
3,954.22
6,164.28
128,452.92
15
3,766.72
6,351.77
122,101.14
16
3,573.53
6,544.97
115,556.17
17
3,374.46
6,744.04
108,812.13
18
3,169.33
6,949.17
101,862.97
19
2,957.96
7,160.53
94,702.43
20
2,740.17
7,378.33
87,324.11
21
2,515.75
7,602.75
79,721.36
22
2,284.51
7,833.99
71,887.37
23
2,046.23
8,072.27
63,815.10
24
1,800.70
8,317.79
55,497.31
25
1,547.71
8,570.79
46,926.52
26
1,287.02
8,831.48
38,095.04
27
1,018.40
9,100.10
28,994.94
28
741.61
9,376.88
19,618.06
29
456.41
9,662.09
9,955.97
30
162.53
9,955.97
0.00
How the mortgage payment is calculated
The loan is the home price minus your down payment. Most mortgages use the annuity (French) system: the monthly payment stays the same, but at the start most of it is interest and at the end most of it repays the loan. The yearly table shows exactly that shift.
The formula is payment = loan × r / (1 − (1 + r)−n), where r is the yearly rate divided by 12 and n the number of months.
What this calculator does not include
Purchase costs and taxes, which are usually paid upfront.
Home and life insurance the lender may require.
Rate changes on a variable-rate mortgage: the payment shown is for the rate you enter.
Frequently asked questions
How much down payment do I need?
Many lenders finance up to 80% of the price, so you need around 20% plus purchase costs. Requirements vary by country and lender.
Is a shorter term better?
A shorter term means a higher monthly payment but far less total interest. Compare the "Total interest" figure for 20 and 30 years to see the difference.
How much of my income should go to the mortgage?
A common guideline is to keep housing costs below about 30–35% of your take-home pay, so that bills, savings and unexpected expenses still fit.
Indicative results. This is not financial advice.
Know how much you will have left at the end of the month
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