Mortgage Calculator

A mortgage payment is more than principal and interest - property taxes and home insurance can add hundreds per month. This calculator estimates your true monthly outlay from the home price, down payment, interest rate and term, and shows the total interest you would pay over the life of the loan. It works for fixed-rate loans in any currency.

Your numbers

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$
%
yrs
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Advanced: pay it off faster
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Total monthly payment — incl. tax & insurance
Principal & interest—
Property tax / mo—
Insurance / mo—
Loan amount—
Total interest paid—
Total of payments—
Paid off—
Interest saved—
PrincipalInterest

Results update as you type and are estimates for education only — they don't account for taxes, fees or your personal situation, and nothing here is financial advice. Your inputs stay on this device.

How it works

  1. Enter the home price and your down payment - the difference is the amount you borrow.
  2. Set the annual interest rate you have been quoted and the loan term (30 and 15 years are the most common in the US; 20-25 years are typical in much of Europe).
  3. Optionally add yearly property tax and home insurance to see your full monthly housing cost.
  4. Review the monthly payment split, total interest, and how much the home really costs by the final payment.

The formula

Monthly principal & interest = L x [i(1 + i)^n] / [(1 + i)^n - 1], where L is the loan amount, i the monthly interest rate (annual rate / 12) and n the total number of monthly payments.

Frequently asked questions

How much house can I afford?
A widely used guideline is the 28/36 rule: total housing costs at or below 28% of gross monthly income, and all debt payments combined below 36%. Lenders in the US and Europe apply similar debt-to-income limits, though thresholds vary by country and lender.
Why does a longer term cost so much more in interest?
Stretching the same loan over more years lowers each payment but keeps a large balance outstanding for longer, so interest accrues on more money for more time. A 30-year loan can easily cost 50-80% more total interest than a 15-year loan at the same rate.
Is a 20% down payment required?
No, but it is the threshold at which US lenders typically waive private mortgage insurance (PMI), and larger down payments generally unlock better rates everywhere. Many buyers put down less; the trade-off is a bigger loan, higher payments and possible insurance surcharges.
Does this calculator include PMI or HOA fees?
Not as separate fields - requirements differ too much between countries and lenders. You can fold known monthly costs like PMI or HOA/condo fees into the insurance field to approximate your total payment.
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