Mortgage Calculator

Home price, down payment, monthly payment.

Estimate your monthly mortgage payment from a home price, down payment, interest rate and term.

How it works

The loan amount is the home price minus your down payment. The monthly principal-and-interest payment is then calculated with the standard fixed-rate amortization formula over your chosen term.

When it helps

A quick way to see what a home might cost per month and how the down payment, rate and term change it.

The payment formula

The loan amount is the home price minus your down payment. The monthly payment uses the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the annual interest rate divided by 12, and n is the number of monthly payments. This produces a fixed payment that covers that month's interest plus a slice of the principal, so by the last payment the loan is fully repaid.

A worked example

A 400,000 home with 80,000 down leaves a 320,000 loan. At 6% over 30 years, the monthly payment is about 1,918.56, and the total interest over the full term is about 370,682 — more than the loan itself. Over 15 years at the same rate, the payment rises to about 2,700 a month, but total interest drops to about 166,000.

Early in a mortgage most of each payment goes to interest; the balance shifts toward principal as the loan gets older. That's why extra payments made in the first years save the most interest.

What's not included

The result covers principal and interest only. Property tax, home insurance, mortgage insurance, service charges and closing costs vary a lot by country and lender, so add them separately to see what you would actually pay each month. Variable-rate mortgages will also change payment when the rate changes.

Frequently asked questions

Are property tax and insurance included?

No. It shows principal and interest only; your real monthly housing cost will be higher.

Is this a loan offer?

No. It's an estimate. Ask a lender for an exact quote.

How big should my down payment be?

It depends on the country and lender. A larger down payment lowers the loan, the monthly payment and total interest, and in many markets avoids extra mortgage insurance. Try a few amounts in the calculator to compare.

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