Mortgage calculator

Mortgage payment calculator

Estimate your mortgage payments based on the property price, down payment, interest rate and amortization period.

Estimated result

Enter the mortgage information to estimate your payments.

Mortgage payment

The estimated payment depends on the amount borrowed, interest rate, amortization period and payment frequency.

Interest cost

A longer amortization period generally lowers the payments but increases the total amount of interest paid.

Amortization period

The amortization period is the total number of years planned to fully repay the mortgage loan.

Calculation Method

The calculator determines the fixed periodic payment required to repay the mortgage principal and interest over the entire amortization period.

Formulas Used

Periodic Interest Rate ( $r_p$ ) :

r_p = \left(1 + \frac{R_{\text{annual}}}{100}\right)^{\frac{1}{n}} - 1

Periodic Payment ( $P$ ) :

P = M \times \frac{r_p (1 + r_p)^{N}}{(1 + r_p)^{N} - 1}

M represents the borrowed amount (purchase price minus down payment) and N is the total number of payments over the amortization period.

Remaining Balance After Each Payment ( $B_t$ ) :

B_t = B_{t-1} \times (1 + r_p) - P

A portion of each payment covers accrued interest, while the remainder reduces the outstanding principal.

This calculation assumes a fixed interest rate throughout the amortization period, which does not reflect variable rate renewals.

Important Disclaimer

This tool is provided for informational purposes only and does not constitute professional financial, tax, or mortgage advice.

Calculations assume a constant fixed rate and do not account for insurance, municipal taxes, or renewal fees.

Before making any mortgage decision, consult a qualified mortgage broker or advisor.

This calculator provides an estimate. It does not yet include mortgage loan insurance, taxes, closing costs, penalties, prepayments or interest-rate changes at renewal.

Results are estimates and do not guarantee the actual terms offered by a lender.