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Mortgage calculator

Find your full monthly mortgage payment — principal and interest plus property tax, home insurance, HOA fees and PMI — with the total interest, the total cost of the home and a year-by-year amortisation schedule.

1Home and down payment

The purchase price of the home.

%

20% avoids mortgage insurance on most US loans. UK lenders call this the deposit.

2Loan
%

The note rate your lender quotes, not the APR.

3Monthly costs

Optional. US property tax is often around 1% of the home's value a year. Leave empty if you pay it separately (as with UK council tax).

Optional. Homeowners or buildings insurance, if your lender collects it with the payment.

Optional. Homeowners' association dues, condo or strata fees, or a flat's service charge.

%

Optional. US conventional loans usually add PMI when you put down less than 20% — often 0.3–1.5% of the loan a year. Leave empty if your loan has none.

Your results

Your results appear here

Type your measurements in the empty boxes. Still needed:

  • Home price
  • Down payment (% of price)
  • Interest rate (% per year)
  • Free
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  • PDF & CSV

How do I calculate my mortgage payment?

  1. 1Enter the home price and your down payment, as a percentage or an amount.
  2. 2Enter the interest rate and choose the loan term (or type your own number of years).
  3. 3Add yearly property tax, home insurance, monthly HOA fees and a PMI rate if they apply.
  4. 4Read your full monthly payment, the total interest and total cost, and the schedule of what you pay off each year.

What is the mortgage payment formula?

  1. 01Loan L = home price − down payment
  2. 02r = yearly rate ÷ 12 ÷ 100 · n = years × 12
  3. 03Principal & interest M = L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
  4. 04Monthly payment = M + property tax ÷ 12 + insurance ÷ 12 + HOA + PMI
  5. 05PMI = L × PMI % ÷ 12, while the balance is above 78% of the price (and up to half the term)
  6. 06Each month: interest = balance × r · principal = M − interest

A fixed-rate repayment mortgage is paid off with the same principal-and-interest payment every month. The payment comes from the standard amortisation formula M = L·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where L is the loan, r the monthly rate and n the number of months. For example, a 300,000 loan at 6% over 30 years costs 1,798.65 a month.

Early payments are mostly interest, because interest is charged on a large balance. As the balance falls, more of each payment goes to principal — the amortisation schedule shows this year by year. Over 30 years that 300,000 loan costs about 347,515 in interest, more than the loan itself.

Many US lenders collect property tax and home insurance with the payment through an escrow account, so the full monthly payment (often called PITI) is higher than principal and interest alone. With less than 20% down, a conventional loan usually adds private mortgage insurance (PMI). Under the Homeowners Protection Act it ends automatically when the scheduled balance reaches 78% of the home's original value; you can ask for it to be removed at 80%.

What is the payment on a 400,000 home?

A 400,000 home with 20% down needs a loan of 320,000. At 6.5% over 30 years, principal and interest come to 2,022.62 a month.

Adding 4,800 a year of property tax (400 a month) and 1,800 of insurance makes a monthly payment of 2,572.62.

Over the full term you pay 408,142.36 in interest.

Good to know

  • Compare a 15-year and a 30-year term: the payment is higher, but the total interest is often less than half.
  • Putting 20% down avoids PMI on most US conventional loans and lowers the payment.
  • Even one extra payment a year cuts years off a 30-year mortgage — the schedule shows how slowly the balance falls at first.
  • Shop the APR, not only the rate: the APR includes points and lender fees.
  • Keep your total housing payment to a share of your income you are comfortable with — many lenders look at about 28% of gross monthly income.

Mortgage questions

What is included in a monthly mortgage payment?

Principal and interest, and often property tax and home insurance paid through an escrow account (together called PITI). With less than 20% down there may be mortgage insurance (PMI), and some homes have HOA or service-charge fees.

How much is the payment on a 300,000 mortgage?

At 6% over 30 years, principal and interest is 1,798.65 a month. Over 15 years at the same rate it is 2,531.57. Tax, insurance and any PMI or HOA fees are extra.

When does PMI stop?

On US conventional loans you can ask your lender to cancel PMI when your balance reaches 80% of the home's original value, and it must end automatically at 78% (or at the halfway point of the loan), if your payments are up to date.

Is a 15-year or a 30-year mortgage better?

A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps the payment lower and more flexible. Use the term buttons above to compare the two for your home.

Does this work for UK, Canadian and Australian mortgages?

Yes, for a standard repayment mortgage with monthly payments. Leave property tax and PMI empty if they are not part of your payment. Canadian fixed-rate mortgages compound interest half-yearly by law, so a Canadian lender's figure can be slightly lower than this one.

Sources

Formulas last reviewed: September 30, 2026 ·How we check our formulas

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