🏠 Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and full cost of homeownership. Includes property tax and insurance.
Enter your values
- Loan amount€240,000.00
- Total interest paid€223,813.88
- Total amount paid€463,813.88
- Total tax & insurance€0.00
What this means
- Monthly payment: €1,288.37
- Total interest over the life of the loan: €223,813.88
- Total cost (principal + interest + tax + insurance): €463,813.88
Visual results
Detailed breakdown
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | €3,540.88 | €11,919.59 | €236,459.12 |
| 2 | €7,262.91 | €23,658.01 | €232,737.09 |
| 3 | €11,175.37 | €35,206.02 | €228,824.63 |
| 4 | €15,288.00 | €46,553.85 | €224,712.00 |
| 5 | €19,611.04 | €57,691.27 | €220,388.96 |
| 6 | €24,155.26 | €68,607.52 | €215,844.74 |
| 7 | €28,931.96 | €79,291.28 | €211,068.04 |
| 8 | €33,953.05 | €89,730.65 | €206,046.95 |
| 9 | €39,231.03 | €99,913.13 | €200,768.97 |
| 10 | €44,779.05 | €109,825.58 | €195,220.95 |
About this calculator
How mortgage payments work
A mortgage is a loan secured against property. Each monthly payment covers two things: principal (repaying the amount borrowed) and interest (the lender’s fee). Early in the loan the split heavily favors interest; over time, more of each payment reduces the balance.
The amortization formula
The standard formula for a fixed-rate monthly payment is:
M = P × r(1+r)^n / ((1+r)^n − 1)
Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
Down payment matters
A larger down payment reduces your loan amount, which lowers both the monthly payment and the total interest you’ll pay. Putting down 20% or more typically eliminates the need for private mortgage insurance (PMI).
Total cost of ownership
The true cost goes beyond principal and interest. Property taxes, home insurance, and maintenance add significantly over a 30-year term. This calculator includes tax and insurance rates so you can see the full monthly obligation.
Frequently asked questions
How is the monthly mortgage payment calculated?
The principal and interest portion uses the standard amortization formula: P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly rate, and n is the number of payments. Property tax and insurance are added on top.
What is a good down payment?
20% is the traditional benchmark — it avoids private mortgage insurance (PMI) and reduces your monthly payment and total interest significantly. However, many lenders accept 5–10% with added insurance costs.
How does the interest rate affect the total cost?
Even a 1% difference in interest rate has a large impact over 30 years. On a €240,000 loan, the difference between 4% and 5% is roughly €50/month and over €18,000 in total interest.