In reality, buying a home will be one of the largest financial commitments of your life. As a first-time homebuyer or someone refinancing, you are investing money into a home. Therefore, there are some important things to know like how much your mortgage will cost each month and exactly how much you will have paid back at the end.

Our Online Mortgage Calculator allows you to get this information quickly and easily. In seconds, it will display all your monthly repayments, total interest costs, loan schedule etc. This allows you to plan better and avoid any surprises prior to signing a mortgage agreement.

How Does the Mortgage Calculator Work?

The online mortgage calculator is simple and can be used by anyone, while delivering accurate results. The results can be used whether you are evaluating a repayment mortgage or an interest-only mortgage with results that include:

• Your estimated monthly installment
• Total interest paid throughout the life of the loan
• Remaining balance on the loan (if you are evaluating an interest-only mortgage)
• A complete amortization schedule

Types of Mortgages Explained

Capital & repayment mortgage - the most standard mortgage type. Each month you pay down a portion of the principal of the loan plus interest. Initially, the interest paid will make up the bigger portion of your total payments, and as the mortgage decreases, the principal paid towards the loan increases, until at the very end of the term, there is nothing owed. The Capital & repayment option is best suited for borrowers who are looking for the reassurance of becoming completely debt free at the end of the mortgage.

Interest only mortgage - only payments of interest are made each month without any reduction in the initial loan amount (principal). At the end of the term, the full principal amount must be refunded either through savings, or investment or just selling the property. The benefit of the interest only option is lower payments every month, but considerable discipline is required to ensure you have the amount available at the end term in a lump sum.

Why Use a Mortgage Calculator Online?

• Speedy solutions - get instant answers without manually calculated spreadsheet solutions
• Compare mortgage options -Change the interest rate, repayment period adjusts, as well as loan type, and return plans to see which plans fit your budget
• Smarter budgeting -- find out exactly how much house you can afford, and plan your debt repayment accordingly
• Amortization solutions -- you can see each payment, how much is going onto principal and how much is going onto principal from payment-to-payment and in total giving a clear view of your financial roadmap.

Disclaimer

The Mortgage Calculator provides estimates for informational purposes only. Actual mortgage payments may vary based on lender terms, interest rates, fees, and your personal financial situation. Consult a licensed mortgage advisor or financial professional before making any decisions.