Mortgage Calculator
Estimate your monthly mortgage payment, total interest and total repayment. Enter loan amount, interest rate and term to get a full payment schedule.
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Mortgage Calculator online
Calculate your monthly mortgage payment, total interest and total repayment from loan amount, annual interest rate and loan term. The tool uses the standard amortising loan formula and gives you a clear breakdown of every payment.
How it works
The calculation uses the standard amortising loan formula (equal principal + interest each period):
M = P × r(1+r)^n / ((1+r)^n − 1)
Where M = monthly payment, P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total number of payments (years × 12). The tool also shows total interest = M × n − P, and total repayment = M × n.
Worked example
A $300,000 loan at 6 % annual interest over 30 years: monthly rate r = 0.06 ÷ 12 = 0.005; n = 30 × 12 = 360. M = 300000 × 0.005 × 1.005^360 / (1.005^360 − 1) ≈ $1,798.65 per month. Total repayment = 1,798.65 × 360 ≈ $647,514; total interest ≈ $347,514 — more than the original loan amount.
Practical tips
- Even a 0.5 % rate difference changes total interest by tens of thousands over 30 years — shop around.
- Making one extra payment per year (or switching to bi-weekly payments) can shave years off the loan and save massive interest.
- This calculator assumes a fixed rate for the full term. Adjustable-rate mortgages (ARMs) will change; re-run when the rate resets.
- Add property tax, insurance and PMI to the monthly payment for a true "all-in" housing cost.
Privacy and browser processing
Whenever practical, DailyWebKit processes input locally in your browser. Tools that need network data can depend on external services, browser permissions and CORS. Do not enter confidential information into a third-party network service.
Frequently asked questions
What is the formula for monthly mortgage payment?
M = P × r(1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly rate (annual% ÷ 1200), n = total months.
How much total interest will I pay on a 30-year loan at 6 %?
On $300,000 the total interest is about $347,514 — roughly 116 % of the principal. That is why even small rate drops matter enormously over 30 years.
Does this include property tax and insurance?
No. The result is principal + interest only. Add your annual property tax ÷ 12, homeowner's insurance ÷ 12, and PMI (if down payment < 20 %) to get the full monthly housing cost.
Can I see the amortization schedule?
The first 12 months are shown below the summary. For a full 360-month schedule, export the data or use a dedicated amortization tool.
Is this tool free?
Yes. It is free and does not require an account.
Does DailyWebKit upload my input?
No. It runs locally in your browser and your input is never uploaded.