Mortgage calculator
Calculate equal monthly payments and the remaining balance.
Formula
M = P×r / (1−(1+r)^−n); r=annual%/1200; n=12×years
Monthly payment = 100,000 × 0.004166666667 ÷ (1 − (1 + 0.004166666667)^(−360)) ≈ 536.82
How to use
- Enter the mortgage principal after your down payment.
- Set the nominal annual rate and whole years.
- Review payments and expand the repayment schedule.
Examples
- 1200 over one year at 0%: 100/month.
- 100000 over 30 years at 4%: about 477.42/month.
Repayment schedule
Annual totals
| Year | Payment | Principal | Interest | Closing balance |
|---|---|---|---|---|
| 1 | 6,441.86 | 1,475.37 | 4,966.49 | 98,524.63 |
| 2 | 6,441.86 | 1,550.85 | 4,891.01 | 96,973.79 |
| 3 | 6,441.86 | 1,630.19 | 4,811.67 | 95,343.59 |
| 4 | 6,441.86 | 1,713.60 | 4,728.26 | 93,630.00 |
| 5 | 6,441.86 | 1,801.27 | 4,640.59 | 91,828.73 |
| 6 | 6,441.86 | 1,893.42 | 4,548.44 | 89,935.31 |
| 7 | 6,441.86 | 1,990.29 | 4,451.57 | 87,945.02 |
| 8 | 6,441.86 | 2,092.12 | 4,349.74 | 85,852.89 |
| 9 | 6,441.86 | 2,199.16 | 4,242.70 | 83,653.74 |
| 10 | 6,441.86 | 2,311.67 | 4,130.19 | 81,342.06 |
| 11 | 6,441.86 | 2,429.94 | 4,011.92 | 78,912.12 |
| 12 | 6,441.86 | 2,554.26 | 3,887.60 | 76,357.86 |
| 13 | 6,441.86 | 2,684.94 | 3,756.92 | 73,672.92 |
| 14 | 6,441.86 | 2,822.31 | 3,619.55 | 70,850.61 |
| 15 | 6,441.86 | 2,966.70 | 3,475.16 | 67,883.91 |
| 16 | 6,441.86 | 3,118.49 | 3,323.37 | 64,765.42 |
| 17 | 6,441.86 | 3,278.03 | 3,163.83 | 61,487.39 |
| 18 | 6,441.86 | 3,445.74 | 2,996.12 | 58,041.65 |
| 19 | 6,441.86 | 3,622.03 | 2,819.83 | 54,419.61 |
| 20 | 6,441.86 | 3,807.34 | 2,634.51 | 50,612.27 |
| 21 | 6,441.86 | 4,002.14 | 2,439.72 | 46,610.13 |
| 22 | 6,441.86 | 4,206.89 | 2,234.97 | 42,403.24 |
| 23 | 6,441.86 | 4,422.12 | 2,019.73 | 37,981.11 |
| 24 | 6,441.86 | 4,648.37 | 1,793.49 | 33,332.75 |
| 25 | 6,441.86 | 4,886.19 | 1,555.67 | 28,446.56 |
| 26 | 6,441.86 | 5,136.18 | 1,305.68 | 23,310.38 |
| 27 | 6,441.86 | 5,398.95 | 1,042.91 | 17,911.43 |
| 28 | 6,441.86 | 5,675.17 | 766.69 | 12,236.26 |
| 29 | 6,441.86 | 5,965.52 | 476.33 | 6,270.73 |
| 30 | 6,441.86 | 6,270.73 | 171.13 | 0.00 |
Period details
| Period | Payment | Principal | Interest | Closing balance |
|---|---|---|---|---|
| 1 | 536.82 | 120.15 | 416.67 | 99,879.85 |
| 2 | 536.82 | 120.66 | 416.17 | 99,759.19 |
| 3 | 536.82 | 121.16 | 415.66 | 99,638.03 |
| 4 | 536.82 | 121.66 | 415.16 | 99,516.37 |
| 5 | 536.82 | 122.17 | 414.65 | 99,394.20 |
| 6 | 536.82 | 122.68 | 414.14 | 99,271.52 |
| 7 | 536.82 | 123.19 | 413.63 | 99,148.33 |
| 8 | 536.82 | 123.70 | 413.12 | 99,024.62 |
| 9 | 536.82 | 124.22 | 412.60 | 98,900.41 |
| 10 | 536.82 | 124.74 | 412.09 | 98,775.67 |
| 11 | 536.82 | 125.26 | 411.57 | 98,650.41 |
| 12 | 536.82 | 125.78 | 411.04 | 98,524.63 |
Frequently asked questions
What does this include?
This calculates principal and interest; property tax, insurance and service charges are separate.
Does the interest rate change?
No. The entered annual nominal rate stays constant.
How is zero interest handled?
Principal is divided equally over the number of monthly payments.
Sources
Updated: