Mortgage calculator

Loan amountHKD

Interest rate (% a year)%

Term in years

Monthly payment

HK$10,557

Year 025

Total interestHK$1,167,021
Total paidHK$3,167,021

Year-by-year breakdown

Year	Total interest	Balance
1	HK$79,135	HK$1,952,454
2	HK$77,197	HK$1,902,970
3	HK$75,181	HK$1,851,471
4	HK$73,083	HK$1,797,874
5	HK$70,900	HK$1,742,092
6	HK$68,627	HK$1,684,039
7	HK$66,262	HK$1,623,620
8	HK$63,800	HK$1,560,739
9	HK$61,238	HK$1,495,297
10	HK$58,572	HK$1,427,188
11	HK$55,797	HK$1,356,304
12	HK$52,909	HK$1,282,533
13	HK$49,904	HK$1,205,756
14	HK$46,776	HK$1,125,851
15	HK$43,520	HK$1,042,691
16	HK$40,132	HK$956,142
17	HK$36,606	HK$866,068
18	HK$32,936	HK$772,323
19	HK$29,117	HK$674,760
20	HK$25,142	HK$573,221
21	HK$21,005	HK$467,546
22	HK$16,700	HK$357,565
23	HK$12,219	HK$243,103
24	HK$7,556	HK$123,978
25	HK$2,703	HK$0

How it is calculated

The calculator uses the standard annuity formula: the same payment every month, where the interest part shrinks and the principal part grows as the balance falls. Interest is charged monthly at one twelfth of the annual rate.

Total interest is everything you pay above the amount borrowed. Fees, insurance and property taxes are not included, so add them to the monthly payment when you plan your budget.

Questions

How much does a shorter term save?

A shorter term raises the monthly payment but cuts total interest sharply, because the balance falls faster. Try 30 and 20 years with the same rate to see the difference.

Does the calculator work for fixed and variable rates?

It assumes one rate for the whole term. For a fixed period followed by a variable rate, run the calculator again with the new rate and the remaining balance.

Now keep it on track Set the result as a budget in Spendee and see each month how much is left.

Download on the App Store Get it on Google Play

Mortgage calculator

How much does a shorter term save?

Does the calculator work for fixed and variable rates?

Other calculators