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- Enter the home price, down payment, rate and term to see the monthly payment.
- Add property tax, home insurance, HOA fees and PMI for the full monthly cost.
- Test extra monthly payments to see interest saved and a faster payoff.
- Works in USD, GBP and INR for 10- to 30-year fixed-rate loans.
How to use the mortgage calculator
Enter the home price
Type the purchase price, for example $400,000.
Set the down payment
Enter it as a percentage of the price or as an amount.
Add rate and term
Use the fixed rate you are offered and pick a term from 10 to 30 years.
Add other costs
In the advanced options, add property tax, insurance, HOA or service charges, PMI and any extra monthly payment.
How the mortgage payment is calculated
Monthly principal and interest
M = L × r × (1 + r)n ÷ [(1 + r)n − 1]
L = loan amount = price − down payment
r = yearly rate ÷ 12
n = term in months
Total monthly payment = M + property tax ÷ 12 + insurance ÷ 12 + HOA + PMI.
PMI (private mortgage insurance) is usually required on US conventional loans with less than 20% down. The calculator charges PMI on the original loan amount until the balance reaches 78% of the home price, when it is normally removed.
Mortgage examples
Example 1: $400,000 home, 20% down, 6.5% for 30 years
A standard US 30-year fixed mortgage.
Over the full term you pay more in interest than the original loan amount.
Example 2: 15-year vs 30-year mortgage
Same $320,000 loan at 6.5%.
The 15-year loan costs $764.92 more a month but saves about $226,000 in interest. In practice 15-year loans also tend to carry lower rates.
Example 3: extra payments
Same 30-year loan with extra monthly payments.
Extra payments go straight to principal, so they cut both the term and the interest.
Example 4: UK mortgage of £250,000 at 4.5% over 25 years
Switch the currency to GBP.
UK rates are usually fixed for 2–5 years, so the real cost depends on the rate when you remortgage.
Before you borrow
Lenders look at your debt-to-income ratio: your monthly debt payments, including the new mortgage, divided by gross monthly income. Many lenders prefer 36% or less, though some accept higher. Being approved for a large loan does not mean the payment is comfortable, so leave room for savings and repairs rather than borrowing the maximum. Budget for the costs beyond the payment too: closing costs, moving, maintenance, and higher utility bills. To compare shorter loans, try the loan EMI calculator.
Where a mortgage calculator helps
Setting a budget
Find the home price that keeps the full monthly payment affordable.
Down payment choices
See how 10%, 20% or more down changes the loan, PMI and interest.
Term comparison
Compare 15, 20, 25 and 30-year loans side by side.
Paying off early
Test extra payments to see how many years you can save.
Results assume a fixed rate for the whole term and do not include closing costs, rate changes or remortgage fees. Taxes, insurance and PMI vary by location and lender. Use the figures as a guide and get a formal quote before you commit.
Mortgage calculator FAQ
What is included in a mortgage payment?
Principal and interest, plus in the US often property tax, home insurance and PMI collected through escrow. HOA fees are usually paid separately but belong in your budget.
How much should I put down?
In the US, 20% down avoids PMI on a conventional loan. Smaller down payments are common but cost more each month.
Is a 15-year or 30-year mortgage better?
A 15-year loan saves a lot of interest but has a higher payment. A 30-year loan is more flexible; you can still make extra payments to finish early.
What does one extra payment a year do?
On a 30-year loan at 6.5%, it cuts the term to about 24 years and saves over $90,000 in interest, as Example 3 shows.
When does PMI stop?
On US conventional loans PMI usually ends automatically when the balance reaches 78% of the original home value, or earlier on request at 80%.
Does it work for UK and Indian home loans?
Yes for the repayment amount. Choose GBP or INR. Rates in those markets often change after an initial period, so recalculate when the rate resets.