Mortgage Interest Calculator

Your details

The full purchase price of the property.
Amount paid upfront. The loan amount is home price minus this figure.
Number of years over which you repay the loan.
years
The fixed annual interest rate quoted by your lender.
%
Fixed-rate: each payment reduces the balance. Interest-only: you pay only interest each month and repay the full principal at the end.
Optional additional amount paid toward principal each month. Reduces total interest and shortens the loan.
Currency
Monthly paymentHigh interest burden
$2,075.51

Principal + interest each month (fixed-rate) or interest only (interest-only loan)

Loan amount$320,000.00
Total interest paid$427,185.01
Total amount paid$747,185.01
Interest as % of total57.2%
Payoff time with extra payments360months
Interest saved by extra payments$0.00
Principal$320,000.00
Total interest$427,185.01
Total paid$747,185.01

Your monthly payment is $2,076 and you will pay $427,185 in total interest.

  • Over 30 years you will pay a total of 57.2% of your repayments as interest.
  • Every dollar of extra principal payment early in the loan saves more interest than the same dollar paid later, because interest compounds on the outstanding balance.

Next stepUse the amortization schedule below to see exactly how each payment splits between principal and interest over the life of the loan.

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