Personal Loan Calculator

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Mortgage Repayment Calculator

30 Years 20 Years 15 Years 10 Years
Estimated Monthly Payment
$0.00
Total Interest Paid
$0.00
Total Amount Paid
$0.00
function calculateMortgage() { var homePrice = parseFloat(document.getElementById('homePrice').value); var downPayment = parseFloat(document.getElementById('downPayment').value); var annualRate = parseFloat(document.getElementById('interestRate').value); var years = parseInt(document.getElementById('loanTerm').value); if (isNaN(homePrice) || isNaN(downPayment) || isNaN(annualRate) || isNaN(years)) { alert("Please enter valid numbers in all fields."); return; } var principal = homePrice – downPayment; if (principal <= 0) { alert("Down payment cannot be greater than or equal to home price."); return; } var monthlyRate = (annualRate / 100) / 12; var numberOfPayments = years * 12; var monthlyPayment = (principal * monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1); var totalPayment = monthlyPayment * numberOfPayments; var totalInterest = totalPayment – principal; document.getElementById('monthlyPaymentDisplay').innerText = '$' + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalInterestDisplay').innerText = '$' + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalPaymentDisplay').innerText = '$' + totalPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('mortgageResult').style.display = 'block'; }

Understanding Your Mortgage Repayments

Purchasing a home is one of the most significant financial decisions you will ever make. Our mortgage repayment calculator helps you estimate your monthly financial commitment by factoring in the home price, down payment, interest rate, and loan term.

How the Calculation Works

The core of this tool uses the standard amortization formula to determine the fixed monthly payment required to pay off the loan principal and interest over the selected term:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

  • P (Principal): The total amount borrowed (Home Price minus Down Payment).
  • i (Monthly Interest): The annual interest rate divided by 12 months.
  • n (Number of Payments): The total number of months in your loan term (e.g., 360 months for 30 years).

Realistic Example: A $400,000 Home Purchase

Suppose you are purchasing a house for $400,000. You decide to put down a 20% down payment ($80,000), leaving you with a loan principal of $320,000. At a current market interest rate of 6.5% for a 30-year term:

  • Monthly Payment: Your estimated principal and interest payment would be approximately $2,022.62.
  • Total Interest: Over the life of the 30-year loan, you would pay $408,144.38 in interest.
  • Total Cost: The total amount paid for the $320,000 loan would be $728,144.38.

Why the Loan Term Matters

Choosing between a 15-year and a 30-year mortgage is a trade-off between monthly cash flow and long-term savings. A 15-year mortgage typically offers a lower interest rate and results in significantly less interest paid over time, but requires much higher monthly payments. Use this calculator to toggle between terms to see which fits your budget best.

Disclaimer: This calculator provides estimates for principal and interest only. It does not include property taxes, homeowners insurance, or private mortgage insurance (PMI), which are common components of a monthly mortgage bill.

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