Mortgage Calculator
Calculate monthly payment, total interest, APR and full amortization schedule.
For individuals and businesses. Every cost item explained in detail.
Enter data
Amount, duration, rate and subject type (individual or business)
Discover real costs
Payment, total interest, APR with all additional costs
Explore the schedule
Full amortization schedule, payment by payment
⚙ Customize additional costs (optional)
See how much you save by paying a little extra each month. Extra payments go directly toward reducing your principal balance, cutting both interest and loan duration.
Enter the alternative rate to compare both scenarios. The simulator also shows what happens if the variable rate rises or falls over time.
| Scenario | Rate | Monthly payment | Total interest | Savings / Extra cost |
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| Year | Payment | Principal | Interest | Remaining Balance |
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The amount you pay to the lender every month. With French amortization (the most common method), the payment is constant for the entire term. In the early years you pay more interest and less principal; towards the end, the opposite.
The "pure" interest rate of the mortgage. It does not include additional costs. This is the number you see in bank advertisements. On its own, it is not enough to compare different mortgages.
The real cost of the mortgage: it includes the nominal rate + all mandatory fees (origination, appraisal, insurance, taxes). It is the only reliable indicator for comparing different offers. Lenders are required by law to disclose it.
A one-time tax calculated on the mortgage amount. Rates vary by jurisdiction and property type. Primary residences often qualify for lower rates (e.g. 0.5%) compared to investment properties or business loans (e.g. 2%).
The fee the lender charges to process the loan: credit checks, underwriting, approval. Typically 0.5-1% of the loan amount, with a minimum of $500-1,000.
A professional appraiser evaluates the property to verify its value is consistent with the loan amount. Typical cost $300-800, paid by the borrower.
Required by lenders for mortgage-backed loans. Covers damage to the property from fire, natural disasters, and other hazards. Paid annually for the entire mortgage term.
Legal fees for drafting the mortgage deed and recording the lien. Costs depend on the loan amount and include: attorney fees, recording fees, title search, and stamps. Minimum $1,500-2,000 for loans under $100,000.
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Browse All Tools →Frequently Asked Questions about Mortgages
How is a mortgage payment calculated?
A fixed-rate mortgage payment is calculated using the French amortization formula: Payment = P × (r × (1+r)n) / ((1+r)n - 1), where P is the principal, r the monthly rate and n the total number of payments. Each payment is constant: early on you pay more interest, later more principal.
What is the difference between interest rate and APR?
The interest rate (nominal rate) is the pure rate charged on the loan. The APR (Annual Percentage Rate) includes all mandatory associated costs. The APR is always higher than the nominal rate and represents the true cost of the mortgage. Always compare APR when evaluating offers.
What are the additional costs of a mortgage?
Origination: 0.5-1% of the loan. Appraisal: $300-800. Mortgage tax: varies by property type. Insurance: required, $500-2,000/year. Legal fees: $1,500-3,000+. All included in the APR calculation.
Fixed rate or variable rate mortgage?
Fixed rate: constant payment, certainty and planning. Ideal when rates are low. Variable rate: starts lower but can fluctuate with market indices. Best when rates are high and expected to drop, or for shorter terms (5-10 years).
How long can a mortgage last?
Homeowners: 5-30 years (some up to 40). Businesses: 5-20 years. Longer terms mean lower payments but more total interest. A 30-year mortgage costs nearly twice as much in interest as a 15-year mortgage.
What is the difference between residential and business mortgages?
Business mortgages typically have: higher rates (+0.5-1%), shorter terms, higher origination fees, additional guarantees required (personal guarantees, liens on business assets). On the upside, interest payments are tax-deductible as a business expense.
Is it worth making extra mortgage payments?
Almost always, yes. Even small extra payments ($100-200/month) can save thousands in interest and shorten your mortgage by years. The savings are greatest in the early years when the interest portion of each payment is highest. Extra payments go directly toward reducing your principal balance, which means less interest accrues on every subsequent payment. Use our early repayment simulator above to calculate your exact savings.
How do I calculate how much mortgage I can afford?
Use the "How much can I afford?" mode of our calculator. Enter the monthly payment you can comfortably afford, the interest rate and loan term: the tool will calculate your maximum mortgage amount and estimated property value (assuming 80% LTV). The general rule is that your mortgage payment should not exceed 30-35% of your net monthly income.
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