Mortgage Calculator
Estimate the full monthly cost of a home loan: principal and interest plus optional property tax, home insurance, HOA or service charges and mortgage insurance.
Result
Enter your values and select Calculate to see the result.
How to use this calculator
- Enter the home price, your down payment (as an amount or percentage), the interest rate and the loan term.
- Open Taxes, insurance and fees to add yearly property tax and insurance, monthly HOA or service charges, and a mortgage insurance (PMI) rate if your lender charges it.
- The result shows the total monthly payment and its parts, with a yearly amortization table.
Formula
monthly principal and interest = P × r ÷ (1 − (1 + r)^−n)
P is the loan amount (price − down payment), r the annual rate ÷ 12 and n the number of monthly payments.
Total monthly cost = principal and interest + property tax ÷ 12 + insurance ÷ 12 + HOA + PMI.
PMI is modelled as loan × PMI rate ÷ 12, charged until the balance falls to 80% of the purchase price.
Worked example
A 400,000 home with 20% down
Loan 320,000 at 6.5% over 30 years: principal and interest 2,022.62 a month.
Adding 4,800 a year property tax (400/month) and 1,200 a year insurance (100/month) gives 2,522.62 a month. Total interest over 30 years is about 408,142.
With 10% down and PMI
Loan 360,000 with PMI at 0.5% a year adds 150 a month for the first 95 payments, until the balance reaches 320,000 (80% of the price).
Assumptions and limitations
- Estimate only. It assumes a fixed rate and constant taxes and insurance, and excludes closing costs and lender fees.
- Mortgage insurance rules differ by country and lender; the 80% cut-off is a common US rule.
- Interest is calculated monthly at the annual rate ÷ 12. Some countries (such as Canada) compound mortgages semi-annually.
Frequently asked questions
How much down payment do I need?
Requirements vary by country, lender and loan type. A 20% deposit often avoids mortgage insurance and gets better rates, but many loans accept less.
Should I choose 15 or 30 years?
A shorter term has higher monthly payments but much less total interest. Try both terms to compare.