Mortgage Calculator – Monthly Payment & Amortization
Free mortgage calculator for monthly payment, mortgage interest and amortization schedule; supports equal payment and equal principal.
Start Calculating
How to calculate mortgage payment
- Enter price, down payment or loan amount, annual rate and term; choose equal payment or equal principal.
- Equal principal: fixed principal each month, decreasing interest; lower total interest but higher initial payments.
Examples
- $300,000 at 5% for 30 years (equal payment) → monthly ≈ $1,610.
- Higher down payment or shorter term reduces total interest.
Mortgage Calculator
Calculation Results
Enter loan information and click calculate to see results
Usage Guide
- • Supports both equal payment and equal principal repayment methods
- • Equal payment has fixed monthly payments, equal principal has monthly payments that decrease gradually
- • View detailed payment schedule to understand principal and interest allocation
- • Results are for reference only, consult banks or financial institutions for actual loan terms
Features
Multiple Repayment Methods
Supports both equal payment and equal principal repayment methods
Detailed Payment Schedule
View principal and interest allocation for each period
Down Payment Ratio Calculation
Calculate down payment ratio based on house price and loan amount
Precise Calculation
Based on standard financial formulas for accurate and reliable results
Helpful Tips
Compare mortgage rates and terms from multiple banks to choose the most suitable option
Consider the total cost of the mortgage, not just the monthly payment
Ensure mortgage monthly payment does not exceed 30% of household monthly income to maintain financial health
Consider appropriate early repayment to reduce total interest when economic conditions allow
How to Use
Enter Mortgage Information
Enter house price, down payment percentage, loan amount, annual interest rate, and loan term
Choose Repayment Method
Choose between equal payment or equal principal repayment methods
View Calculation Results
View monthly payment, total payment, total interest, and detailed payment schedule
Frequently Asked Questions
What is the difference between equal payment and equal principal?
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What is the difference between equal payment and equal principal?
Equal payment means the monthly repayment amount is fixed, but the proportion of principal and interest varies each period, with higher interest in the early stages; equal principal means the principal amount repaid each month is fixed, but the total monthly repayment amount gradually decreases, with higher repayment pressure in the early stages but lower total interest.
What down payment percentage is appropriate?
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What down payment percentage is appropriate?
Choosing a down payment percentage requires balancing multiple factors: 1) Policy requirements: different cities and housing types have minimum down payment requirements, typically between 20%-40%; 2) Loan cost: higher down payment percentage means smaller loan amount and lower total interest; 3) Personal financial situation: need to balance between paying down payment and retaining emergency funds; 4) Monthly payment pressure: higher down payment percentage means less monthly payment pressure. Generally recommended that down payment percentage not be less than 30% to reduce loan risk and interest costs.
How are mortgage interest rates determined?
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How are mortgage interest rates determined?
Mortgage interest rates are determined by multiple factors: 1) Central bank benchmark rate: serves as reference for commercial banks to set loan rates; 2) LPR (Loan Prime Rate): most mortgages are currently based on LPR pricing; 3) Personal credit situation: higher credit score may obtain more favorable rates; 4) Down payment ratio: loans with high down payment ratio may obtain lower rates; 5) Loan term: long-term loans typically have higher rates; 6) Housing type: rate policies for first and second homes are different; 7) Bank policies: different banks may offer different rate discounts to the same customer.
Is early mortgage repayment worthwhile?
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Is early mortgage repayment worthwhile?
Whether early repayment is worthwhile depends on multiple factors: 1) Early repayment fees: some banks charge penalties; 2) Opportunity cost of funds: may not be worthwhile if there are higher-yield investment opportunities; 3) Remaining loan term: early repayment is more beneficial in the early stages of the loan when interest proportion is higher; 4) Personal financial situation: ensure sufficient emergency funds remain after early repayment. It's recommended to perform a detailed cost-benefit analysis before making a decision.