Mortgage calculator

A mortgage is the biggest debt most households ever take on. It pays to see the full numbers before you talk to a lender.

Enter the price, your down payment, the rate and the term. If you pay property tax or insurance with the mortgage, add it to see your real monthly payment.

How it's calculated

Loan amount = home price − down payment.
Fixed monthly payment using the annual rate divided by 12 and the term in months.
For each year it adds up the interest and principal paid and shows what is still owed.

An example

A home of HK$1,500,000 with 20% down leaves a loan of HK$1,200,000. At 7% over 30 years, the payment is HK$7,983.63.

Over 30 years you pay HK$1,674,106.89 in interest. Over 15 years the payment rises to HK$10,785.94, but interest drops to HK$741,469.01.

Frequently asked questions

How much should I put down?

It depends on the lender and the country. The more you put down, the less you borrow, the lower the payment and the less interest you pay. Keep money aside for closing costs too.

Why does the balance barely drop in the first years?

Interest is charged on what you owe. Early on the balance is large, so most of each payment is interest. Over time that flips.

Is a shorter term better?

If you can afford the higher payment, yes: you pay far less interest. If not, a longer term with extra payments when you can also works.

Can my payment change?

With a fixed rate, the mortgage payment stays the same. With an adjustable rate it can move. This calculator assumes the rate stays the same for the whole term.