Mortgage Calculator

This is the total you'll repay over the mortgage term. It includes the total borrowed plus interest (minus deposit).


This is the total you'll repay each month, i.e. principal plus interest.



The Effective Interest Rate (EIR) takes into account the effect of compounding within a year. It provides a true representation of the annual cost of the loan, considering that interest is compounded monthly.




Your Monthly Mortgage Payment Breakdown

Your Mortgage Amortization Schedule Monthly Breakdown Yearly Breakdown
Date Monthly Payment Prinicpal Interest Remaining Balance

Frequently Asked Questions

1. What is a mortgage calculator?

A mortgage calculator is a tool that helps you estimate your monthly mortgage payments based on various factors such as loan amount, interest rate, and loan term.

2. How does a mortgage calculator work?

A mortgage calculator works by taking the loan amount, interest rate, and loan term to calculate your monthly mortgage payments. It also provides an amortization schedule that shows the breakdown of each payment into principal and interest.

3. Why should I use a mortgage calculator?

Using a mortgage calculator can help you understand how much you can afford to borrow, plan your budget, and see how different loan terms and interest rates affect your monthly payments.

4. What information do I need to use a mortgage calculator?

To use a mortgage calculator, you need to know the loan amount (or property price), the down payment (or house deposit), the loan term, and the interest rate.

5. Can I use a mortgage calculator for any type of mortgage?

Yes, a mortgage calculator can be used for various types of mortgages, including fixed-rate, adjustable-rate, and interest-only mortgages.

6. How accurate is a mortgage calculator?

While a mortgage calculator provides a good estimate of your monthly payments, the actual amount may vary based on additional factors such as taxes, insurance, and other fees.

7. What is the difference between a repayment mortgage and an interest-only mortgage?

A repayment mortgage involves paying off both the interest and the principal loan amount over the loan term, while an interest-only mortgage requires only the interest payments for a set period, after which the principal must be paid.

8. How can I lower my monthly mortgage payments?

You can lower your monthly mortgage payments by increasing your down payment, opting for a longer loan term, or securing a lower interest rate.

9. What is an amortization schedule?

An amortization schedule is a detailed table showing the breakdown of each mortgage payment into principal and interest over the loan term, along with the remaining balance after each payment.

10. How do changes in the interest rate affect my mortgage payments?

Changes in the interest rate can significantly impact your monthly mortgage payments. Higher interest rates increase your payments, while lower rates decrease them.

11. What is the effective interest rate?

The effective interest rate is the annual interest rate that accounts for the effects of compounding, giving a more accurate picture of the true cost of borrowing.

12. How do I choose the right mortgage term?

The right mortgage term depends on your financial goals and situation. Shorter terms typically have higher monthly payments but lower overall interest costs, while longer terms have lower monthly payments but higher overall interest costs.

13. What are the benefits of using an online mortgage calculator?

An online mortgage calculator provides quick and easy access to estimates, allows for comparison of different mortgage options, and helps with financial planning and decision-making.

14. Are there any hidden costs that a mortgage calculator does not account for?

Yes, a mortgage calculator may not include additional costs such as property taxes, homeowner's insurance, private mortgage insurance (PMI), and closing costs.


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