Calculate your monthly mortgage payment, total interest paid and full amortization schedule. Free, instant, no signup.
Our free mortgage calculator helps you understand the true cost of a home loan. Enter the loan amount, annual interest rate and term in years, and instantly see your monthly payment, total amount paid over the life of the loan, total interest cost, and a full amortization schedule showing how each payment is split between principal and interest.
Understanding your mortgage before signing is essential. Many borrowers focus only on the monthly payment without realising how much they will pay in total interest over a 25 or 30-year term. For a €200,000 mortgage at 3.5% over 25 years, the total interest paid is over €95,000 — nearly half the original loan amount.
This calculator uses the standard French amortization method (also called constant instalment method), which is the default in Spain, France and most European countries. In this system, the monthly payment remains constant throughout the term, but the proportion going to interest vs principal changes over time. In the early years, most of each payment goes to interest. Towards the end, most goes to principal.
The formula used is: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the principal, r is the monthly interest rate, and n is the number of monthly payments.
A fixed-rate mortgage maintains the same interest rate and payment throughout the entire loan term, providing certainty and protection against rate rises. A variable-rate mortgage (also called adjustable-rate in the US) has an interest rate that changes periodically based on a reference rate like Euribor in Europe or LIBOR/SOFR in the US. Variable rates are typically lower initially but carry the risk of increasing payments if rates rise.