Calculate your monthly payment, total interest, and amortization breakdown instantly
A mortgage calculator helps you estimate your monthly home loan repayment before committing to a property purchase. By entering your home price, down payment, annual interest rate, and loan term, you can instantly see what your monthly obligations will be — helping you budget accurately and compare different scenarios.
The calculator applies the standard amortization formula, which spreads repayments evenly across the loan term. Each payment covers both interest owed and a portion of the principal (the original loan amount). In the early years, most of each payment goes toward interest. Over time, this gradually shifts until the final payments are almost entirely principal.
For the most realistic estimate, use the actual asking price of the property you're considering and your confirmed or target down payment. Your interest rate should come from a pre-approval letter or current rate quotes from lenders in your area. Rates vary significantly by credit score, loan type, and lender.
Pro tip: A down payment of 20% or more typically removes the requirement for Private Mortgage Insurance (PMI), which can add $100–$300 per month to your costs. Run the calculator with and without a 20% down payment to see the long-term difference.
The monthly payment shown includes only principal and interest. Your actual payment to a lender may be higher once property taxes, homeowners insurance, and any applicable PMI or HOA fees are added. Always confirm the full payment breakdown with your lender.
The total interest figure can be eye-opening — on a 30-year mortgage it often exceeds the original loan amount. Comparing a 15-year versus a 30-year term using this calculator shows how much interest you can save by choosing a shorter term, even though your monthly payment will be higher.
A widely used guideline in personal finance is that your total housing costs — mortgage payment, taxes, and insurance — should not exceed 28% of your gross monthly income. Use this calculator together with your income to check whether a property is comfortably within your budget before speaking to a lender.
Enter your home price, down payment, interest rate, and loan term. The calculator applies the standard amortization formula to give you your exact monthly principal and interest payment. Note that property taxes, insurance, and PMI are not included.
Our calculator uses the industry-standard amortization formula used by banks and lenders worldwide. Results are highly accurate for fixed-rate mortgages. For variable-rate mortgages or loans with fees, consult your lender for the full payment breakdown.
A 15-year mortgage has higher monthly payments but dramatically less total interest paid. A 30-year mortgage has lower monthly payments but costs significantly more in interest over the life of the loan. Use the calculator to compare both options with your specific numbers.
A common guideline is that your total housing costs — mortgage, taxes, and insurance — should not exceed 28% of your gross monthly income. This helps ensure the payment is comfortably affordable without stretching your budget.