Mortgage calculator
See what a home loan costs each month, in total, and how much extra payments save.
- 100% free
- No sign-up
- Runs in your browser
How to use Mortgage calculator
- Enter the home and deposit
- Set the rate and term
- Read the result
Your home loan
Enter the deposit as
Monthly repayment
Enter the home price and the interest rate to see your repayments.
Next: Loan calculator · Compound interest calculator · Inflation calculator
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How to use Mortgage calculator
Enter the home and deposit
Type the home price and your deposit, as an amount or a percentage of the price.
Set the rate and term
Enter the yearly interest rate and the loan term in years, and choose monthly, fortnightly or weekly repayments.
Read the result
See the repayment, the total interest, the payoff date and the schedule year by year. Add an extra monthly payment to see the interest and time it saves.
Why use Utils365
Full amortization schedule
Every year of the loan with what you paid, how much went to interest and what you still owe. Open any year to see each repayment.
Extra payments, worked out
Add a little each month and see how many years come off the loan and how much interest you keep.
Tax and insurance included
Add yearly property tax and home insurance to see the full amount leaving your account each time.
Private and free
Everything is worked out in your browser. No sign-up, no lender, nothing you type is sent anywhere.
Frequently asked questions
How is a mortgage repayment calculated?
With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate and n the number of payments. Borrowing 300,000 at 6% over 30 years gives 1,798.65 a month.
How much interest will I pay in total?
Multiply the repayment by the number of payments and subtract the amount borrowed. For 300,000 at 6% over 30 years, that’s 647,514.57 repaid and 347,514.57 in interest, more than the loan itself.
How much do extra payments save?
A lot, because every extra amount comes straight off the balance that earns interest. Adding 200 a month to a 300,000 loan at 6% over 30 years clears it 6 years and 9 months early and saves about 91,000 in interest.
Are fortnightly repayments better than monthly?
Paying half the monthly amount every two weeks means 26 half-payments, or 13 full ones, a year. Here fortnightly repayments are worked out from the rate per fortnight, so compare the total interest of each to see the difference for your loan.
What is an amortization schedule?
A table of every repayment showing how much goes to interest and how much reduces the loan. Early on most of each repayment is interest; by the end it is almost all principal.
How big a deposit do I need?
Many lenders want 10% to 20% of the price. A bigger deposit means a smaller loan, lower repayments and less interest, and at 20% or more you often avoid mortgage insurance.
Does it include fees or changing rates?
No. It assumes the same rate for the whole term and leaves out lender fees. Use it to compare options, then check the exact figures with your lender.