Before you talk to a lender or fall in love with a listing, it helps to know what a home will really cost each month. This free mortgage calculator takes the home price, your deposit (down payment), the interest rate and the loan term, and works out your monthly principal and interest payment using the standard amortization formula that banks use for fixed-rate, repayment mortgages. Add yearly property tax and home insurance to see a fuller monthly figure, as US buyers usually do. You'll also see the total interest you'd pay over the life of the loan and a year-by-year amortization schedule showing how much of each year's payments goes to interest versus paying down the balance. That table is often the eye-opener: in the early years most of your money goes to interest. Switch the currency between US dollars, pounds, euros, Canadian and Australian dollars. Please treat the result as an estimate. Real offers include fees, mortgage insurance, adjustable or tracker rates and local rules (for example, Canadian fixed mortgages compound semi-annually), so always compare official quotes. Nothing you enter leaves your browser.
Estimate your mortgage payment
Amortization schedule (by year)
Estimate for a fixed-rate repayment mortgage with monthly compounding. Not financial advice.
How to use the mortgage calculator
- Pick your currency and enter the home price.
- Enter your deposit as a percentage. 20% is common in the US; UK lenders often go up to 90–95% loan-to-value.
- Enter the rate and term from a quote or current averages.
- Optionally add yearly property tax and insurance.
- Scroll the schedule to see how your balance falls each year.
The formula
Monthly payment M = L × r(1+r)n ÷ ((1+r)n − 1), where L is the loan, r the monthly rate (annual ÷ 12) and n the number of months.
FAQ
Does this include PMI or mortgage insurance?
No. US lenders usually add private mortgage insurance when the down payment is under 20%, and Canada requires default insurance below 20%. Add those quotes to the insurance box for a closer figure.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, more of each fixed payment goes to principal.
Does it work for interest-only mortgages?
No. It models repayment (capital and interest) loans only.
How much can 15 years save versus 30?
Try both terms: the monthly payment rises, but total interest usually drops by roughly half or more at the same rate.
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