Global Mortgage Payment Calculator
Estimate your principal and interest (P&I) monthly payment and view a detailed amortization schedule instantly. Supports all major international currencies.
Loan Details & Currency
Calculation Summary
Enter your loan details on the left and click "Calculate Payment" to see your results here.
How to Use This Mortgage Calculator for Optimal Planning
- Select Your Currency: Choose the currency that matches your home country or the currency in which your loan will be taken. This ensures the output is formatted correctly.
- Input Home Price and Down Payment: Enter the total purchase price of the home and the amount you intend to pay upfront. The calculator automatically determines the Principal Loan Amount (Home Price - Down Payment). Note: Inputs are requested in thousands (e.g., enter 300 for $300,000).
- Enter Annual Interest Rate: Input the annual percentage rate (APR) your lender is offering (e.g., 6.5 for 6.5%).
- Choose Loan Term: Select the duration of the mortgage in years (e.g., 15 or 30 years). Longer terms mean lower monthly payments but higher total interest paid.
- Analyze Results: View the immediate Monthly Payment (P&I), the Total Interest Paid over the loan's life, and explore the detailed Amortization Schedule below to see how your balance is paid down month by month.
Deep Dive: Understanding Your Loan and Amortization
A mortgage is an amortizing loan, meaning the total debt is paid off over time through scheduled payments. The key insight gained from the amortization schedule is how the balance shifts: in the beginning, the majority of your payment goes toward interest, and only a small portion reduces the principal. As your balance shrinks, less interest accrues, and a larger portion of your fixed payment accelerates the principal payoff. This calculator is a vital tool for comparing loan offers and understanding the long-term cost of borrowing.
Frequently Asked Questions (FAQ)
What does "Principal and Interest (P&I)" mean?
P&I refers to the core payment that covers the actual money borrowed (Principal) and the cost of borrowing that money (Interest). Your full housing payment, often called PITI (Principal, Interest, Taxes, Insurance), includes additional costs that are not covered by this calculator. Always factor in property taxes and homeowner's insurance when budgeting.
How can I reduce the total interest I pay?
The two most effective ways are: 1) securing the lowest possible interest rate and 2) making additional principal payments. Even paying a little extra each month can significantly shorten the loan term and save you vast amounts in total interest over the life of the mortgage. You can use a dedicated loan payoff calculator to see the impact of extra payments.
Why are my inputs in "thousands"?
For simplicity and speed, especially on mobile devices, we ask for inputs in thousands. For example, if your home price is 500,000, you only need to type '500'. The calculator handles the multiplication internally to ensure accurate large-scale calculations.
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