Fixed-rate mortgage calculator
🏠 Calculate a fixed-rate mortgage payment, total interest, and full monthly amortization schedule. Set principal, term, and rate.
Fixed-rate mortgage simulator and monthly payment calculator
Calculate a fixed mortgage payment step by step
With this fixed-rate mortgage calculator you can enter the principal, the nominal interest rate, and the term of the loan to obtain the monthly payment, the total interest, and the complete amortization table.
The simulator works with fixed-rate mortgages from any lender and any country, as long as the loan follows a standard amortization system with a constant periodic payment.
Results for your fixed-rate mortgage
Fixed payment, total interest, and repaid principal
Loan principal: 0.00
Monthly payment: 0.00
Total paid: 0.00
Total interest: 0.00
Figures are rounded to two decimal places.
Formula to calculate a fixed-rate mortgage payment
This calculator uses the standard French amortization formula to obtain the payment of a fixed-rate mortgage. Based on the outstanding principal, the monthly rate, and the total number of instalments, it produces a fixed payment that includes both interest and principal repayment.
Fixed-rate loan simulator
You can also use this tool as a fixed-rate loan simulator. Just enter the loan amount, interest rate, and term to get the periodic payment and the total cost in interest.
| Month | Interest | Principal | Remaining balance |
|---|---|---|---|
| Fill out the form to generate the amortization table. | |||
Once you calculate your payment you'll see the split between interest and principal here.
If you want to calculate a fixed-rate mortgage without relying on tools from a specific lender, this calculator lets you freely adjust the loan amount, term, and interest rate. It is an independent tool that works for any lender and any country as long as the loan has a fixed rate.
Besides the monthly payment, the fixed-rate mortgage simulator shows how much you will pay in interest over the life of the loan and how each payment is split between interest and principal. This makes it easy to compare different loan amounts, rates, and terms before you sign a mortgage or switch from a variable to a fixed-rate loan.
The detailed amortization table lets you review the fixed-rate mortgage interest calculation month by month. If needed, you can export the data and work with it in a spreadsheet similar to a fixed-rate mortgage Excel template.
How to calculate a fixed payment with the French amortization system
The French system applies a constant payment for the entire life of the mortgage. Behind it is a financial formula that takes into account the outstanding principal, the annual nominal interest rate, and the number of months in the loan. Each monthly instalment is split into two parts: interest (higher at the beginning) and principal repayment (which gradually increases).
To calculate the monthly payment use the formula \( C = \dfrac{P \cdot i}{1 - (1+i)^{-n}} \), where \(P\) is the principal, \(i\) is the monthly rate (annual rate divided by 12), and \(n\) is the total number of payments. If the rate is 0, the payment is obtained by dividing the principal by the number of months.
Our calculator also generates a full amortization table showing the breakdown of each payment and the remaining balance after every instalment. This way you can easily see how much you will pay in total and how much corresponds to interest.
Fixed-rate mortgage simulator FAQ
What is this fixed-rate mortgage calculator for?
This calculator helps you estimate the payment of a fixed-rate mortgage, the total interest, and the amortization schedule. Enter the principal, fixed interest rate, and term.
What is the difference between a fixed-rate and an adjustable mortgage?
With a fixed-rate mortgage the payment stays the same throughout the life of the loan because the rate does not change. With an adjustable mortgage the rate is reviewed periodically and the payment can go up or down depending on the reference index.
How is a fixed-rate mortgage payment calculated?
The payment is calculated with the French amortization formula, which produces a fixed periodic payment. Each month you pay part interest and part principal, and the calculator shows this breakdown in the amortization table.
Can it be used to compare switching from a variable to a fixed rate?
Yes. Enter the outstanding balance, the new fixed rate, and the term to estimate the new payment and the total cost. That way you can compare the result with the conditions of your current adjustable-rate mortgage.
