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Loan amount
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Total interest
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Total of payments
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Down payment
Shows the monthly principal-and-interest payment for a fixed-rate loan. It excludes property tax, home insurance and any registration or service charges your lender may add.
Frequently Asked Questions
How is the monthly mortgage payment worked out?
Using the amortisation formula M = P ร r ร (1+r)โฟ รท ((1+r)โฟ โ 1), where P is the loan (price minus down payment), r is the monthly rate and n is the number of monthly payments.
How big should my down payment be?
A larger down payment lowers the loan amount, the monthly payment and the total interest. Many lenders expect at least 20% of the property price as a down payment.
Work out the monthly payment, total interest and total cost of a fixed-rate home loan.