Build a mortgage payment scenario
Enter the loan balance after your deposit, not the full property price. The result estimates monthly principal and interest for a fixed nominal rate with monthly payments. To test an overpayment, first calculate with no extra payment, then enter the additional monthly amount. Compare total interest and months saved.
Principal and interest are only part of housing costs
Budget separately for property taxes, insurance, service charges, maintenance and lender fees. This calculator does not predict future variable rates or determine how much a lender will approve. Check whether your agreement limits overpayments or charges for early repayment.
A longer term can make the monthly payment smaller without making the property cheaper. Keep the loan amount and rate unchanged when comparing two terms, so you can see the effect of time alone.
Read the extra-payment example, or use the rent budget calculator to examine how housing costs fit your monthly income.