Mortgage Calculator
Mortgages & Home LoansMonthly payment, full amortization schedule, and the real cost of overpaying.
€843.21
€296,626
€29,482 of it in extra payments
€96,626
30 years
The full scheduled term
Payment breakdown
- Principal
- Interest
- Extra payment
Stacked bar chart of mortgage payments by year, split into principal, interest, and extra payments.
Amortization schedule
| Year | Interest | Principal | Extra payment | Total payment | Balance |
|---|---|---|---|---|---|
| Year 1 | €5,942.90 | €4,175.60 | €1,000.00 | €11,118.50 | €194,824.40 |
| Year 2 | €5,786.28 | €4,267.98 | €1,000.00 | €11,054.26 | €189,556.42 |
| Year 3 | €5,626.95 | €4,368.74 | €1,000.00 | €10,995.69 | €184,187.68 |
| Year 4 | €5,464.40 | €4,477.31 | €1,000.00 | €10,941.71 | €178,710.36 |
| Year 5 | €5,298.57 | €4,587.82 | €1,000.00 | €10,886.39 | €173,122.54 |
| Year 6 | €5,129.40 | €4,700.22 | €1,000.00 | €10,829.62 | €167,422.32 |
| Year 7 | €4,956.83 | €4,814.42 | €1,000.00 | €10,771.25 | €161,607.90 |
| Year 8 | €4,780.81 | €4,930.35 | €1,000.00 | €10,711.16 | €155,677.55 |
| Year 9 | €4,601.29 | €5,047.89 | €1,000.00 | €10,649.18 | €149,629.66 |
| Year 10 | €4,418.23 | €5,166.89 | €1,000.00 | €10,585.12 | €143,462.77 |
| Year 11 | €4,231.58 | €5,287.19 | €1,000.00 | €10,518.77 | €137,175.57 |
| Year 12 | €4,041.30 | €5,408.58 | €1,000.00 | €10,449.88 | €130,766.99 |
| Year 13 | €3,847.37 | €5,530.79 | €1,000.00 | €10,378.17 | €124,236.20 |
| Year 14 | €3,649.77 | €5,653.51 | €1,000.00 | €10,303.28 | €117,582.69 |
| Year 15 | €3,448.49 | €5,776.34 | €1,000.00 | €10,224.83 | €110,806.35 |
| Year 16 | €3,243.52 | €5,898.80 | €1,000.00 | €10,142.32 | €103,907.55 |
| Year 17 | €3,034.90 | €6,020.28 | €1,000.00 | €10,055.17 | €96,887.27 |
| Year 18 | €2,822.65 | €6,140.02 | €1,000.00 | €9,962.67 | €89,747.25 |
| Year 19 | €2,606.85 | €6,257.05 | €1,000.00 | €9,863.90 | €82,490.20 |
| Year 20 | €2,387.59 | €6,370.15 | €1,000.00 | €9,757.74 | €75,120.05 |
| Year 21 | €2,165.02 | €6,477.67 | €1,000.00 | €9,642.68 | €67,642.38 |
| Year 22 | €1,939.32 | €6,577.45 | €1,000.00 | €9,516.78 | €60,064.93 |
| Year 23 | €1,710.78 | €6,666.53 | €1,000.00 | €9,377.30 | €52,398.40 |
| Year 24 | €1,479.77 | €6,740.65 | €1,000.00 | €9,220.42 | €44,657.75 |
| Year 25 | €1,246.83 | €6,793.55 | €1,000.00 | €9,040.38 | €36,864.20 |
| Year 26 | €1,012.72 | €6,815.31 | €1,000.00 | €8,828.03 | €29,048.89 |
| Year 27 | €778.62 | €6,788.90 | €1,000.00 | €8,567.52 | €21,260.00 |
| Year 28 | €546.43 | €6,681.13 | €1,000.00 | €8,227.56 | €13,578.87 |
| Year 29 | €319.68 | €6,412.13 | €1,000.00 | €7,731.80 | €6,166.74 |
| Year 30 | €107.25 | €5,685.24 | €481.50 | €6,274.00 | €0.00 |
How this calculator works
This calculator works out your monthly mortgage payment using the equated monthly installment (EMI) method, the standard approach for a fixed-rate repayment loan. The payment is fixed for the life of the loan, but its composition is not: early on, most of it is interest, and only as the balance falls does the principal share grow. The amortization table below the chart shows that shift month by month.
You can also add an extra payment once a year. Because that money goes straight against the principal, it removes all the future interest that principal would have generated, which is why a relatively small annual overpayment can save a surprising amount over a 30 year term.
When you overpay, a lender will normally let you choose between two outcomes. Reducing the term keeps your monthly payment the same and brings the payoff date forward. Reducing the installment keeps the original end date and lowers what you pay each month. Reducing the term saves more interest, because the debt disappears sooner. Reducing the installment frees up monthly cash flow instead. Use the control in the input panel to compare both.
Frequently asked questions
- How is the monthly mortgage payment calculated?
- It uses the equated monthly installment formula: P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the amount borrowed, r is the monthly interest rate (the annual rate divided by 12), and n is the number of monthly payments. The result is a payment that is constant for the whole term and repays both interest and principal.
- Should I reduce the term or reduce the installment when I overpay?
- Reducing the term saves more money, because you stop paying interest sooner. Reducing the installment lowers your monthly commitment while keeping the original end date, which helps if your monthly budget is tight. Run both options in the calculator and compare the total interest figure.
- Why is so much of my early payment interest?
- Interest is charged on the outstanding balance, which is at its largest at the start. Since the payment is fixed, whatever is left after covering that month's interest goes to principal. As the balance falls, the interest portion falls and the principal portion grows, which is why the balance drops slowly at first and quickly near the end.
- Does making one extra payment a year really make a difference?
- Yes, and more than most people expect. An extra payment reduces the principal immediately, so it also cancels every future interest charge that principal would have accrued. On a long term at a normal rate, a modest annual overpayment can remove several years from the loan.
- Does this calculator include fees, taxes, or insurance?
- No. It models the loan itself: principal, interest, and any extra payments you enter. Arrangement fees, property taxes, building insurance, and mortgage insurance are not included, so the true cost of ownership is higher than the figures shown here. The rent versus buy calculator does account for recurring ownership costs.
- Is the interest rate assumed to be fixed?
- Yes. The whole schedule is computed at the single rate you enter. If you have a variable or tracker rate, treat the output as one scenario rather than a forecast, and re-run it with higher and lower rates to see the range of outcomes.
These calculators are for educational purposes only and are not financial advice. Always consult a qualified financial advisor, mortgage professional, or your bank before making a commitment.
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