Overview

The Mortgage Calculator computes monthly payments, total interest, and amortization schedules for home mortgage loans in Korea. It supports comparison across repayment methods including equal principal and interest, equal principal, and bullet repayment. You can also verify loan eligibility against LTV, DTI, and DSR regulations.

Formula

Equal P&I monthly payment = P × r × (1+r)^n ÷ ((1+r)^n - 1)
(P: principal, r: monthly rate, n: total months)

Equal principal monthly payment = P÷n + (P - repaid principal) × r

Example: 300M KRW loan, 4% annual, 30 years, equal P&I
Monthly payment ≈ 1,432,000 KRW, Total interest ≈ 215M KRW

How to Use

1. 1Enter the loan amount (mortgage principal).
2. 2Enter the interest rate (annual rate).
3. 3Select the repayment period (years).
4. 4Select the repayment method (equal P&I, equal principal, bullet).
5. 5Click calculate to see monthly payments, total interest, and amortization schedule.

Tips

• ✔Equal P&I payments are the same each month for easy budgeting; equal principal payments result in less total interest.
• ✔Understand fixed vs. variable rates and consider fixed rates during rising rate periods.
• ✔Longer loan terms reduce monthly burden but significantly increase total interest.
• ✔After the prepayment fee exemption period (usually 3 years), consider prepaying with surplus funds.
• ✔Korean mortgages are subject to 40% DSR regulations, so check total loan repayment against annual income.

FAQ