CalcMortgage Calculator
Last updated: 2026-05-09
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| Home price (EUR) | Down payment % (%) | Years (yr) | Annual rate % (%) | |
|---|---|---|---|---|
| Starter | 150000 EUR | 10 % | 30 yr | 3.5 % |
| Average | 225000 EUR | 15 % | 30 yr | 3.5 % |
| High | 300000 EUR | 20 % | 30 yr | 3.5 % |
| Premium | 450000 EUR | 30 % | 30 yr | 3.5 % |
| Enterprise | 600000 EUR | 40 % | 30 yr | 3.5 % |
Mortgage Payment Calculator
This calculator determines your monthly mortgage payment based on the loan amount, annual interest rate and loan term in years.
Mortgage payment formula
The fixed monthly payment is computed using the French amortization formula:
M = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
Where P is the principal (loan amount), r is the monthly interest rate (annual rate / 12) and n is the total number of payments (years × 12).
Example 1: standard mortgage
Problem: Loan of $250,000 at 4.5% annual rate for 30 years.
- Data:
- P = 250,000; r = 0.045/12 = 0.00375; n = 30 × 12 = 360.
- Monthly payment:
- M = 250,000 × 0.00375 × (1.00375)³⁶⁰ / ((1.00375)³⁶⁰ − 1) ≈ $1,266.71.
Answer: Monthly payment ≈ $1,266.71. Total paid: $456,015.60.
Example 2: 15-year mortgage
Problem: Loan of $200,000 at 3.5% annual rate for 15 years.
- Data:
- P = 200,000; r = 0.035/12 ≈ 0.002917; n = 15 × 12 = 180.
- Monthly payment:
- M ≈ $1,429.77.
Answer: Monthly payment ≈ $1,429.77. Total paid: $257,358.60.
Common uses of the mortgage calculator
- Estimating monthly payments before applying for a mortgage.
- Comparing different terms and interest rates.
- Evaluating housing affordability.
- Planning monthly budgets with mortgage expenses.
- Analyzing the impact of extra payments on total cost.
- Deciding between fixed-rate and variable-rate mortgages.
Common mistakes in mortgage calculations
- Not including insurance, taxes and additional costs in the real payment.
- Confusing the annual rate with the monthly rate in calculations.
- Not considering the total cost of the loan over the full term.
- Forgetting that early payments are mostly interest.
Pro tip
A shorter term means higher payments but much less total interest. In the example above, the 15-year mortgage saves nearly $200,000 in interest compared to a 30-year loan.
No. This calculator only computes principal and interest. Insurance, taxes and PMI are added separately to the real payment.
15 years saves a lot on interest but has higher payments. 30 years has lower payments but you pay much more total interest. It depends on your payment capacity.
Extra payments toward principal significantly reduce the total term and interest paid. Even $100 extra per month can save thousands.
It is the system where the monthly payment is fixed, but the proportion between interest and principal changes: early payments are mostly interest, later payments are mostly principal.