Online Mortgage Calculator: Calculate your payment in seconds

Our mortgage calculator lets you instantly find out how much you will pay each month on your mortgage loan. Enter the loan amount, the interest rate and the term, and get your monthly payment calculated using the French amortization system, the most widely used in Europe.

Additionally, with our early repayment simulator you can compare what suits you best: reducing the monthly payment while keeping the term, or reducing the term while keeping the payment. Visualize the interest savings and download the complete amortization schedule as a PDF.

How to use this mortgage calculator step by step

To calculate your monthly payment you only need three pieces of information: the loan amount you are going to request from the bank, the annual nominal interest rate (NIR) and the term in years over which you want to repay the debt. Enter all three values in the "Mortgage Calculator" tab and you will instantly get the monthly payment, the total amount you will pay over the life of the loan and the total interest.

If you then want to simulate what would happen by making an early repayment, switch to the "Partial Amortization" tab and enter the current outstanding capital, the amount you are going to contribute and the remaining term. The tool shows you two scenarios side by side: reduce the payment keeping the term, or reduce the term keeping the payment. You will see how much you save in interest with each option and you can also view the complete amortization schedule month by month and download it as a PDF.

What is the French amortization system

The French system is the calculation method used by virtually all mortgages in Europe. Its main feature is that the monthly payment remains constant throughout the life of the loan (as long as the interest rate does not change). What does change month by month is the internal composition of that payment: at the beginning, a very large portion is interest and a small portion is principal repayment; over the years the proportion reverses until, in the last payments, almost everything you pay reduces the debt.

This calculation method has two important practical consequences. The first is that in the early years you pay much more interest than principal, which makes early repayments particularly worthwhile. The second is that the amortization schedule is predictable: you know exactly how much you owe at any point in time. If you want to understand the complete mathematical formula, check our complete mortgage guide.

Difference between NIR and APR

When comparing mortgages you will see two different percentages: the NIR (Nominal Interest Rate) and the APR (Annual Percentage Rate). The NIR is the pure interest that the bank applies to the outstanding capital. The APR also includes fees, associated costs and payment frequency, so it better reflects the true cost of the loan. The NIR is used for the monthly payment calculation; the APR is mainly useful for comparing offers between banks.

Reduce payment or reduce term: which suits you

When you decide to make an early partial repayment, the bank will let you choose between two options: reduce the monthly payment keeping the remaining years, or reduce the term keeping the current payment. The difference between both options is very significant:

• Reducing the term saves more total interest because you shorten the period during which interest accrues. It is the mathematically most profitable option.
• Reducing the payment gives you more monthly liquidity from the first month, providing peace of mind and a buffer against unexpected expenses, although the total savings are lower.

There is no single right answer: it depends on your job stability, your income and your savings cushion. In our guide to early repayment we analyse typical scenarios and explain when each option is best.

Fixed, variable or mixed rate

Before signing a mortgage you need to decide what type of interest rate you want. Each option has advantages and disadvantages depending on market conditions:

• Fixed-rate mortgage: the payment is always the same throughout the life of the loan. It provides maximum predictability but the initial NIR is usually higher.
• Variable-rate mortgage: the rate is reviewed periodically (usually every 6 or 12 months) based on the Euribor plus a fixed spread. The payment can go up or down depending on how the index evolves.
• Mixed-rate mortgage: fixed rate during the first years (for example 5, 10 or 15) and variable afterwards. It combines initial security with later flexibility.

If you are unsure which to choose, read our comparison fixed vs variable vs mixed-rate mortgage.

Why use our calculator

• 100% free and no registration required: enter your data and get the result instantly.
• No data sent: everything is calculated in your browser; we do not store any personal or financial information.
• Complete amortization schedule month by month with the option to print or save as PDF.
• Scenario comparison when amortizing: payment reduction versus term reduction in a single view.
• Available in English and Spanish and optimized for mobile, tablet and desktop.