Mortgage Calculator
Work out the monthly payment on a home loan from the price of the home, your down payment, the yearly interest rate and the number of years, plus the total interest over the loan.
- Monthly payment (principal + interest)
- –
- Loan amount
- –
- Total interest
- –
- Total cost (down payment + all payments)
- –
How it is calculated
- Loan = home price × (1 − down payment % ÷ 100)
- Monthly payment = L × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- r = yearly rate ÷ 12 ÷ 100, n = years × 12. If the rate is 0: payment = L ÷ n
Worked example
A 300,000 home with 20% down, at 6% a year over 30 years.
| You enter | |
|---|---|
| Home price | 300,000 |
| Down payment | 20 % |
| Interest rate per year | 6 % |
| Loan term | 30 years |
| You get | |
| Monthly payment (principal + interest) | 1,438.92 |
| Loan amount | 240,000 |
| Total interest | 278,011.65 |
| Total cost (down payment + all payments) | 578,011.65 |
You borrow 240,000 and repay 1,438.92 a month for 30 years. Over the loan you pay 278,011.65 in interest, so the home costs 578,011.65 in total.
Questions
Does this include property tax, insurance or fees?
No. It shows principal and interest only. Property taxes, home insurance, mortgage insurance and closing costs depend on where you live and are added on top.
What if my rate changes after a few years?
This assumes one fixed rate for the whole term. For an adjustable or variable rate, run it again with the new rate for the remaining balance and years.
Does it work for Islamic home finance?
Only if the profit is fixed and charged like a reducing-balance rate. Diminishing musharakah and ijarah plans can work differently, so check with your provider.
Sources and checks
- OpenStax, Contemporary Mathematics, 6.12 Renting and Homeownership
- OpenStax, Contemporary Mathematics, 6.8 The Basics of Loans (payment formula)
Last checked: 13 October 2026. This calculator passes 5 automatic tests before every release.
Your numbers never leave your device: the calculation runs in your browser and nothing you type is sent or stored.
Results are estimates for information only and are not financial, tax or legal advice. Check important figures with a qualified professional before you act on them.