Mortgage Calculator – Calculate Monthly Payments & Total Cost

How does the mortgage calculator work?

This mortgage calculator uses the standard amortization formula to determine your monthly payment and the total cost of your loan. Enter the loan amount, the annual interest rate, and the loan term in years. The calculator computes the fixed monthly payment that fully repays the loan (principal + interest) over the chosen period, and shows the total amount you'll pay over the entire loan life — including all interest charges.

How to use the Mortgage Calculator

Enter the total loan amount you plan to borrow, the annual interest rate offered by your lender, and the loan term in years (typically 15, 20, or 30). Click "Calculate" to instantly see your estimated monthly payment and the total amount you'll pay over the full loan period. Use these numbers to compare different loan offers and plan your housing budget.

Example calculation

A $200,000 mortgage at 5% annual interest for 20 years results in a monthly payment of approximately $1,320. The total repayment over 20 years would be about $316,800 — meaning you pay $116,800 in interest over the life of the loan. Longer terms reduce the monthly payment but increase total interest paid.

Frequently Asked Questions

Does this calculator include property taxes or insurance?

No, this calculator shows the principal and interest portion of your mortgage payment only. In many countries, your total monthly housing cost may also include property taxes, homeowner's insurance, and possibly PMI (private mortgage insurance). Add those separately to get your full monthly obligation.

Can I calculate extra payments or early payoff?

This version calculates a standard fixed‑rate amortizing loan. For scenarios with extra payments, bi‑weekly schedules, or early payoff analysis, you would need a more advanced amortization calculator that supports additional payment inputs.