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Mortgage calculator

Monthly payment, LTV, interest and what an overpayment saves.

How much you pay yourself; the bank lends the rest.

How much you send on top of the regular payment. Zero if nothing extra.

Monthly payment

$2

Loan amount

$320

LTV 80.0 %

Interest paid

$291

You pay back 91 % more than you borrowed.

Total you will pay

$611

Over 30 years of repayments.

Worth watching

  • Lenders check what share of your income the payment takes. A common ceiling is around 40 to 45 %, which puts this payment at roughly $4 of net monthly income.
  • The rate only holds for the fixed period. After it the payment moves with the rates of the day, so try the same loan two percent higher.
  • Add building insurance, property tax and service charges to the monthly cost. They are not part of the payment but they leave the same budget.

Repayment schedule by year

More about Mortgage calculator

What a mortgage costs each month

Enter the property price, your deposit, the rate and the term. The calculator gives the monthly payment, the loan-to-value ratio, the total interest and a year-by-year schedule of how the debt falls.

LTV — what share of the price the loan covers — is the figure that decides the rate you are offered. Below 80 % lenders price a mortgage keenly; above 90 % most will not lend at all. The tool flags both thresholds as you type.

The extra payment field is the interesting one. Add even a modest amount each month and the calculator shows how much sooner the mortgage ends and how much interest that saves, which is usually a bigger number than people expect.

Frequently asked questions

Why is an early overpayment worth more?

Because interest is charged on the outstanding balance. In the first years most of the payment is interest and the balance barely moves, so every extra unit paid then removes interest for the whole remaining term.

Should I take a longer term for a lower payment?

It lowers the monthly figure but raises the total considerably. Compare 25 and 30 years on the same amount: the payment falls a little, the interest paid grows a lot. A longer term with regular overpayments is often the better compromise.

What happens after the fixed period?

The rate is renegotiated at whatever the market offers then. It is worth running the same loan two percentage points higher to see whether the payment would still fit your budget.

What is not in the payment?

Building insurance, property tax and service or maintenance charges. They never appear in a mortgage calculation but they leave the same budget every month.

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