🏠 Mortgage Calculator

Calculate your monthly payment, total cost, and full amortization schedule.

MONTHLY PAYMENT
$0
Loan Amount
$0
Total Interest
$0
Total Cost
$0
Down Payment %
0%
PAYMENT BREAKDOWN
Amortization Schedule

The Mortgage Calculator gives you your monthly payment, total interest paid and a full amortisation schedule for any home loan. Enter the loan amount, interest rate and term to see exactly what you'll pay over the life of the mortgage.

How to use the mortgage calculator

Enter the home price, your down payment (or down-payment percentage), the mortgage rate, the term (15, 20, 25, or 30 years), and optionally property tax, home insurance and HOA fees. The result panel returns your principal-and-interest payment, the all-in monthly cost (PITI + HOA), the total interest you'll pay over the life of the loan, and the total cost of the home including all interest. The amortisation table breaks down every month showing the interest/principal split and remaining balance — useful when planning extra payments or a refinance.

The math: PITI and amortisation

"PITI" stands for Principal, Interest, Taxes and Insurance — the four components of a typical mortgage payment. Principal-and-interest is the loan-amortisation portion: M = P × [r(1+r)n] / [(1+r)n − 1]. Property taxes are usually 0.5–2.5% of home value annually depending on jurisdiction, divided by 12 to get a monthly figure. Insurance varies but ~$1,000–$2,500/year is typical for a US single-family home. PMI (private mortgage insurance) kicks in if your down payment is under 20% and adds another 0.3–1.5% of the loan annually until you reach 80% loan-to-value.

Frequently Asked Questions

How is a mortgage payment calculated?
Using the standard amortisation formula based on your loan amount, annual interest rate and loan term. Each payment covers interest first, then reduces the principal.
What is a good mortgage interest rate?
This varies by country and market conditions. In the US, historical averages range from 3–7%. Always compare multiple lenders.
What is amortisation?
The process of paying off a loan through regular payments over time. Early payments are mostly interest; later payments are mostly principal.
How much mortgage can I afford?
A common guideline is that your monthly payment should not exceed 28% of your gross monthly income, and total debt payments under 36%. These are the "front-end" and "back-end" debt-to-income ratios most lenders use.
15-year vs 30-year mortgage?
A 15-year has a higher monthly payment but typically a lower rate and far less total interest. A 30-year has a lower monthly cost and more flexibility. Run both scenarios in the calculator and compare total interest paid; the gap is often shocking.
When does refinancing make sense?
Generally when rates drop by at least 0.75–1% and you plan to stay long enough to recoup closing costs (typically 2–5% of the loan amount). Use the calculator with the new rate, then divide closing costs by the monthly savings to find your break-even point.

Tips for first-time buyers

Aim for 20% down to avoid PMI; if you can't, plan for the PMI removal point. Get pre-approved before shopping. Don't let pre-approval limits set your purchase price — they're maximums, not recommendations. Factor in maintenance (~1% of home value annually) on top of PITI. And remember closing costs of 2–5% on top of the down payment.