Mortgage Calculator
Work out your monthly mortgage payment before you buy. Set the home price, deposit, interest rate and loan term — the calculator shows your payment, total interest and overall cost.
Mortgage Calculator
Monthly home loan repayment, total interest and overall cost.
Principal and interest, before taxes and insurance.
More finance calculators
EMILoan EMI CalculatorCMPCompound Interest CalculatorSIPSIP CalculatorPLNPersonal Loan CalculatorSAVSavings Goal Calculator
Need another tool?
Browse all ten finance calculators — loans, savings, tax and more.
How to use this calculator
Type in your home price and loan term, enter your deposit and annual interest rate, then press Calculate. The result shows your monthly payment, how much interest you will pay over the life of the loan and the total cost, with a bar showing the split between the amount borrowed and the interest.
Formula
Monthly payment, where P is the loan amount (home price minus deposit), r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments (loan term in years × 12).
Frequently asked questions
What is included in a monthly mortgage payment?
This calculator covers principal and interest only. A real monthly payment may also include property taxes, home insurance and mortgage insurance, depending on your lender and location.
How does the loan term change my payment?
A longer term (for example 30 years instead of 15) lowers the monthly payment, but you pay much more interest overall. A shorter term costs more each month but saves a lot of interest.
Does a bigger deposit help?
Yes. A bigger deposit reduces the amount you borrow, so your monthly payment and total interest both fall — and it can remove the need for mortgage insurance.