Mortgage Calculator (Equal Payments)
Estimate a fixed-rate mortgage with equal monthly installments: the payment stays the same while early payments are mostly interest. Enter the loan in units of 10,000, the annual rate and the term; the monthly rate is the annual rate divided by 12 and the term is years × 12.
- Enter the loan amount in units of 10,000, the annual rate and the term in years.
- You get the monthly payment, the total repaid and the total interest; the payment is fixed for the whole term.
- Run it again with a shorter term or a lower rate to see how the payment and the interest move.
FAQ
How does equal payment differ from equal principal?
Equal payment keeps the monthly amount constant, so early payments are mostly interest and the principal falls slowly. Equal principal repays a fixed amount of principal each month, so payments decline and total interest is lower. This tool models equal payment only.
My bank quotes a payment a few dozen yuan different. Why?
Banks may accrue interest daily, start with a partial first month, reprice against a reference rate, or add account fees. This uses the standard equal-payment formula with a monthly rate of the annual rate divided by 12, so treat it as an estimate.
Are taxes and insurance included?
No. Stamp duty, appraisal, insurance, notary fees and early-repayment penalties are excluded, so the real cost is higher than the total shown.