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Mortgage Calculator

Work out your monthly mortgage payment, including property tax, insurance, HOA and PMI, or find the home price that fits your budget. Full amortization schedule included.

Calculated on your device
$
Enter a number, for example 1250 or 19.99.
% of price
Usually 3% to 20% in the US, 5% to 10% in the UK, 10% to 25% in India.
Enter a number, for example 1250 or 19.99.
$
Everything you can spend each month on the mortgage, tax, insurance and fees.
Enter a number, for example 1250 or 19.99.
$
Enter a number, for example 1250 or 19.99.
% a year
The yearly rate your lender quotes.
Enter a number, for example 1250 or 19.99.
years
Common terms are 15, 20, 25 or 30 years.
Enter a number, for example 1250 or 19.99.
Taxes, insurance and fees (optional)
$
Leave empty where it doesn't apply or is paid separately (such as UK council tax).
Enter a number, for example 1250 or 19.99.
$
Enter a number, for example 1250 or 19.99.
$
Enter a number, for example 1250 or 19.99.
% a year
US loans with under 20% down often add 0.3% to 1.5% of the loan a year until you reach 20% equity.
Enter a number, for example 1250 or 19.99.
$
Enter a number, for example 1250 or 19.99.
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Works in WordPress (Custom HTML block), Wix (Embed code), Squarespace (Code block), Webflow and Shopify pages.

How to use the mortgage calculator

  • Monthly payment: enter the home price, your down payment as a percentage, the interest rate and the term. Open Taxes, insurance and fees to add property tax, home insurance, HOA or service charges and mortgage insurance for the full monthly cost.
  • How much house can I afford: enter what you can spend on housing each month and your savings for a down payment. The calculator works back to the highest home price that fits.

Every result includes a year-by-year amortization schedule, a chart of your balance and interest, and a table of payments at other rates and terms.

Mortgage payment formula

M = P × i × (1 + i)n ÷ ((1 + i)n − 1)

M is the monthly principal and interest, P the loan amount (price minus down payment), i the yearly rate ÷ 12, and n the number of monthly payments. Property tax, insurance and fees are then added on top.

Worked example

A 400,000 home with 20% down (80,000) leaves a loan of 320,000. At 6.5% over 30 years, i = 0.5417% and n = 360.

Principal and interest = 2,022.62 a month. Add property tax of 4,800 a year (400 a month) and insurance of 1,500 a year (125 a month) for a total of 2,547.62 a month. Over 30 years you pay 408,142 in interest.

What goes into a monthly mortgage payment

  • Principal: the part that pays down the loan. It grows each month.
  • Interest: the lender's charge on what you still owe. It shrinks each month.
  • Property tax and insurance: in the US and Canada these are often collected with the payment through an escrow account. In the UK, India and Australia they're usually paid separately, so you can leave them empty.
  • Mortgage insurance: US conventional loans with under 20% down usually add PMI until you reach 20% equity. Other countries have their own versions, such as lenders mortgage insurance (LMI) in Australia, often paid upfront.

How to lower your mortgage cost

  • A shorter term raises the monthly payment but cuts total interest sharply. Compare 15 and 30 years in the table under your result.
  • Extra payments go straight to the principal. Even 100 to 200 a month can take years off a 30-year loan.
  • A bigger down payment shrinks the loan and can remove mortgage insurance.

For other loans, such as personal or car loans, use the loan calculator.

Frequently asked questions

How much house can I afford?

A common US guideline is to keep housing costs under 28% of gross monthly income and all debts under 36%. Lenders in other countries often cap the loan at 4 to 5 times yearly income instead. Use the afford option to turn a monthly budget into a price.

Is the rate the same as the APR?

No. The APR includes fees spread over the loan, so it's a little higher. Enter the interest rate here; use the APR to compare offers.

Does this work for variable or adjustable rates?

It shows the payment at one rate. For a variable or adjustable-rate mortgage, use the table of rates under the result to see what happens if the rate rises.

What is an EMI on a home loan?

EMI (equated monthly instalment) is the term used in India for the monthly principal-and-interest payment. It's the same as the principal and interest line here.

Sources

Formulas checked 29 October 2026. How we test our calculators. This calculator is for planning and education, not financial, tax or legal advice.