Mortgage Calculator
Calculate monthly payment, total interest, and full amortization schedule
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About Mortgages
What is a mortgage?
A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. You repay the loan in fixed monthly instalments (EMIs) over a set term — typically 15 to 30 years — covering both principal and interest.
How does the down payment affect my mortgage?
A larger down payment reduces your loan amount, lowering both your monthly payment and total interest paid. In the US, a 20% down payment also avoids Private Mortgage Insurance (PMI). In the UK, a bigger deposit usually secures a better interest rate.
15-year vs 30-year mortgage
A 15-year mortgage has higher monthly payments but you pay far less total interest and own the home outright in half the time. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but costs significantly more in total interest.
What is amortization?
Amortization is the process of paying off a loan through regular instalments. In the early years, most of your payment goes toward interest. As the loan matures, more goes toward principal. The amortization table above shows this year by year.
Does making extra payments help?
Yes — even small extra monthly payments can save tens of thousands in interest and shorten your loan by years. Use the "Extra monthly payment" field above to see exactly how much you'd save.