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Mortgage Calculator

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Important
By using this tool, you acknowledge that the output of this tool is certainly not guaranteed to be in any way accurate and so should not be used as a basis for any part of any financial decision.

About this tool

While investigating mortgages for myself, I found it hard to get clear explanations of how mortgages worked and how to calculate how much I would be paying back in interest. While some lenders have calculators on their web sites, they are mainly to determine how much one can borrow and even those that show the repayment rate, don't explain how this is calculated.

Being scientifically minded, I was not comfortable with the idea of dealing with such large sums of money and not having a full understanding of how all the values were calculated and what all the terminology meant. I initially created a spreadsheet to try to determine the appropriate formulae. This lead on to the development of this very simple web-based tool.