Mortgage Calculator
Calculate monthly payments, total interest, and view amortization schedule. 20+ currencies supported.
📊 Monthly Payment:
📅 Amortization Schedule (First 12 Payments):
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter values and calculate | ||||
The mortgage payment formula
It computes the principal & interest (P&I) payment using the standard amortization formula, adjusted to your chosen payment frequency:
Pperiod = L · i · (1 + i)n ÷ ((1 + i)n − 1)
- L = loan amount
- i = rate per period = annual rate ÷ 100 ÷ payments per year (12 monthly, 26 bi-weekly, 52 weekly)
- n = total number of payments (term in years × payments per year)
- Extra payment, if enabled, is added to every payment, which shrinks the balance faster and shortens the term and total interest.
Worked example: on a $250,000 loan at 3.5% over 30 years paid monthly, i = 0.035 ÷ 12 = 0.002917 and n = 360, so the P&I payment is about $1,123 per month. Add a $100 monthly extra and the loan finishes years sooner with far less interest - the schedule and stats above recalculate live.
This is P&I, not your full housing cost
The figure above covers principal and interest only. A real total monthly housing cost (often called PITI) also adds property taxes, homeowner’s insurance, PMI/HMERA (mortgage insurance when your deposit is under 20%), flood insurance, and HOA or strata fees - plus one-off closing costs such as stamp duty, lender fees and title charges, which are not part of the payment at all. Add those separately when budgeting.
Methodology & review
The P&I method follows the standard time-value-of-money amortization used by mortgage lenders. Interest is modelled as compounding once per payment period. Methodology last reviewed: October 2026. Everything runs in your browser; no figures are uploaded or stored.
Disclaimer: General education only, not mortgage, financial or legal advice. Tax, insurance and rate assumptions vary by country and lender - confirm final terms with a qualified professional.
How to Use Mortgage Calculator
Follow these simple steps to get the best results.
Enter loan amount, rate and term
Set the principal, the annual interest rate and the term, and choose a payment frequency; the monthly principal-and-interest payment updates as you type.
Test an extra payment
Tick the extra-payment option to see how paying a little more each month shortens the term and cuts the total interest over the life of the loan.
Copy or download the breakdown
Use Copy Payment or Download CSV for the full schedule, or Reset. Figures cover principal and interest only - not tax, insurance or PMI. Everything runs on your device.
Frequently Asked Questions
Everything you need to know about Mortgage Calculator.
About the Mortgage Calculator Tool
Navigate the complexities of home buying with the ToolFlic Mortgage Calculator. A mortgage is one of the biggest commitments you'll ever make; our tool splits each payment into principal and interest, lets you choose a currency and a weekly, bi-weekly or monthly payment frequency, and shows how an optional extra payment changes the total, giving a clear view of your monthly housing payment.
Core Advantages
Compare different rates and term lengths instantly. Because it models extra payments, the tool shows how paying a little more each month shortens the term and cuts the total interest over the life of your loan, helping you plan the mortgage.
Architecture & Security
Built using high-fidelity financial modeling, our calculator applies the standard amortising-loan formula to the amount, rate, term and chosen payment frequency, then builds a first-twelve-payment breakdown that splits each payment into principal and interest. The entire process is performed on your device for absolute privacy and zero-latency performance.
Under the Hood: the Mortgage Calculator explained properly
No marketing filler - just the mechanics, the trade-offs and the real limits, explained clearly.
How it actually works
It takes the loan amount, annual rate and term, lets you pick a currency and a payment frequency (monthly, bi-weekly or weekly), and applies the amortizing formula to the chosen period, then shows the payment, total interest and total paid plus the first twelve amortization rows, with an optional extra payment.
What that means for your results
Because the period count follows the frequency you select, a weekly or bi-weekly schedule is computed on its real number of periods, and the extra-payment option recalculates how much interest a larger payment saves across the term.
Where it falls short - honestly
It is a principal-and-interest model: there is no property tax, home insurance, PMI or escrow line and no down-payment field, so the result is the loan payment, not the full monthly housing cost. Rates are fixed and fees are not modeled.
A real end-to-end workflow
Read the total interest across the term, then test a shorter term or an extra payment to see the saving, and remember tax and insurance sit on top of this number. For a plain loan use Loan Calculator and for cross-currency figures use Currency Converter.
In-Depth Guides Using This Tool
Tested workflows, exact sizes and limits - written step by step by the ToolFlic team.
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