Home Loan Repayment Calculator
Calculate your monthly home loan repayments, total interest, and total cost based on loan amount, interest rate, and loan term. Includes amortization schedule.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Home Loan Repayment Calculator
This calculator estimates your monthly mortgage payment, total interest, and total cost based on your loan details. It also generates an amortization schedule showing each payment’s breakdown.
- Enter Loan Amount ($): Input the total amount you plan to borrow (e.g., 300000).
- Enter Annual Interest Rate (%): Provide the yearly interest rate (e.g., 4.5).
- Enter Loan Term (years): Specify the repayment period (1–50 years, e.g., 30).
- Optional: Extra Monthly Payment ($): Add any extra amount you want to pay each month (default is 0).
- Click the Calculate button or press Enter on any input field to see results.
Results include:
- Monthly Payment: Your fixed monthly payment (including extra).
- Total Interest Paid: Total interest over the loan term.
- Total Cost: Loan amount plus total interest.
- Amortization Schedule: A scrollable table showing month-by-month payment, principal, interest, and remaining balance.
Note: All monetary values are in US dollars ($). Ensure inputs are positive numbers (no commas or symbols).
Previous Results
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Frequently Asked Questions
The monthly payment is calculated using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments.
An amortization schedule is a table that shows each monthly payment broken down into principal and interest portions, along with the remaining loan balance after each payment.
Yes, you can enter an extra monthly payment amount. The calculator will apply it to the principal each month, reducing the total interest and loan term.
