Mortgage Calculator
Estimate your monthly home loan payment, total cost and total interest.
Result
Loan amount
200,000.00
Monthly payment
1,169.18
Total paid
350,754.02
Total interest
150,754.02
How it works
A mortgage spreads the cost of a home over many years. The monthly payment is fixed by three things: the amount borrowed, the interest rate, and the term — the annuity formula keeps the payment constant so you can budget with certainty. Early on, most of each payment is interest, because the balance is large; over time the balance shrinks and more of each payment goes to the principal. In many countries the full monthly cost also includes property tax and insurance on top of principal and interest (often called PITI). Lenders judge affordability with rough rules — a common one keeps total housing cost under about 28% of gross income and all debts under 36%. A shorter term or a bigger down payment both cut the total interest you pay dramatically.
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Frequently asked questions
How much mortgage can I afford?
A common guideline is to keep your monthly housing payment below about 28–35% of your gross monthly income, but it also depends on your other debts and expenses.
What does the monthly mortgage payment include?
This calculator shows principal and interest. Your real payment may also include property tax, home insurance and, in some cases, mortgage insurance.
Should I choose a shorter or a longer term?
A shorter term means higher monthly payments but far less total interest; a longer term lowers the monthly payment but costs more overall.
What is the 28/36 rule?
A lending guideline: keep housing costs under ~28% of gross monthly income and all debt payments under ~36%. It is a rough affordability check, not a strict limit.
Why do early payments barely reduce the balance?
Because interest is charged on the outstanding balance, which is largest at the start — so early payments are mostly interest. The principal share grows every month.
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