About this calculator
The loan amount is the property price minus your down payment. The monthly payment uses the standard repayment formula M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where r is the monthly rate and n the number of payments. In early years most of each payment is interest; the chart shows the balance tipping towards principal over time.
Worked example
A 1,000,000 home with 10% down leaves a 900,000 loan. At 5% over 25 years the payment is 5,261.31 a month, and about 678,393 goes on interest — more than two thirds of the loan itself.
How to use the mortgage calculator
- Enter the property price.
- Enter the down payment.
- Enter the interest rate (per year).
- Enter the term.
- Read the result — it updates as you type.
Frequently asked questions
How much is the payment on a 1,000,000 home with 10% down at 5% for 25 years?
The loan is 900,000 and the monthly payment is about 5,261.31, with roughly 678,400 paid in interest over 25 years.
Does a bigger down payment save much?
Yes. Every unit you put down is a unit you don’t pay interest on for the whole term, so the saving is often far larger than the down payment itself.
Are Islamic home finance products calculated the same way?
Murabaha and Ijarah products quote a profit rate rather than interest, but the monthly instalment is usually worked out the same way. Ask your bank for the APR to compare offers.