🏠 Mortgage Calculator

About Mortgage Calculator

This mortgage calculator helps you estimate monthly payments, total interest, and full amortization schedule for your home loan. It supports both equal installment (fixed payment) and equal principal (decreasing payment) methods. All calculations are performed locally in your browser.

How To Use

1. Enter the loan amount in ten-thousands, loan term in years, and annual interest rate.
2. Choose repayment method: Equal Installment (fixed monthly payment) or Equal Principal (decreasing monthly payment).
3. View the monthly payment, total interest, and the complete amortization schedule.

FAQ

What is the difference between Equal Installment and Equal Principal?

Equal Installment keeps the same monthly payment throughout the loan term, with interest comprising a larger portion early on. Equal Principal has decreasing monthly payments but lower total interest, though early payments are higher.

How accurate are the results?

The calculation uses standard financial formulas. Results are for reference only; actual loan terms depend on the lender's approval.

Does early repayment reduce interest?

Yes. Early repayment reduces the remaining principal, thereby lowering total interest. Check with your lender for any prepayment policies.