Mortgage Calculator
Enter the home price, down payment, interest rate and term to see your monthly payment, the total interest and how the balance falls. Add extra payments to see how much sooner you could be mortgage-free.
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Results are estimates for planning only and are not financial advice.
How to use it
- Enter the home price and your down payment, as an amount or a percentage. The loan is the difference.
- Enter the interest rate from your offer and the loan term in years, and choose how the loan is repaid.
- Open Extra payments to test paying more every month, once a year or as a single lump sum.
- Add property tax, insurance, fees and PMI to see your total monthly cost, then check the schedule or download it as a CSV file.
Why use this tool
Any currency
Choose from 32 currencies. Amounts are written the way your language writes them.
Extra payment savings
See how much interest you save and how much sooner you finish, or lower your payment instead.
Full amortization schedule
Yearly or monthly rows with principal, interest and balance, ready to download for Excel or Google Sheets.
Total monthly cost
Property tax, home insurance, fees and US mortgage insurance (PMI), with PMI removed at 78% of the home price.
Local repayment methods
Equal payments, equal principal, the German initial repayment rate, Japanese bonus payments and Canadian semi-annual compounding.
Private by design
Everything is calculated in your browser. Prices and payments are never sent or stored.
How the monthly payment is calculated
For a loan with equal monthly payments, the payment is M = P × r ÷ (1 − (1 + r)^−n). P is the amount you borrow, r is the yearly rate divided by 12, and n is the number of monthly payments.
Example: $300,000 at 6.5% for 30 years gives r = 0.065 ÷ 12 and n = 360, so the payment is $1,896.20. In the first month, $1,625.00 of it is interest and only $271.20 pays down the loan. Over the whole term you pay $382,633 in interest.
With equal principal payments, you repay the same part of the loan every month (P ÷ n, here $833.33) plus interest on the balance that is left. The first payment is the highest, and each one after it is a little lower.
Equal payments or equal principal?
Equal monthly payments keep your budget steady. Equal principal costs more at the start but less in total, because the balance falls faster. Here is the same $300,000 loan at 6.5% over 30 years:
| Equal payments | Equal principal | |
|---|---|---|
| First payment | $1,896.20 | $2,458.33 |
| Last payment | $1,896.20 | $837.85 |
| Total interest | $382,633 | $293,313 |
| Total of payments | $682,633 | $593,312 |
How extra payments change your mortgage
An extra payment goes straight to the principal, so less interest builds up afterwards. Paying off sooner saves the most, while a lower payment gives you more room in your monthly budget. Same loan as above:
| Scenario | Monthly payment | Paid off in | Total interest |
|---|---|---|---|
| No extra payments | $1,896.20 | 30 years | $382,633 |
| $200 extra every month | $1,896.20 | 23 years 1 month | $279,185 |
| $20,000 once after 1 year, pay off sooner | $1,896.20 | 25 years 2 months | $291,010 |
| $20,000 once after 1 year, lower payment | $1,768.36 from payment 13 | 30 years | $358,144 |
What else is in your monthly housing cost
The loan payment is only part of what you pay each month. Lenders often collect some of these costs together with the payment, so include them when you compare offers and set a budget:
- Property tax: set by your local authority and usually quoted per year.
- Home insurance: often required by the lender, and also usually quoted per year.
- Mortgage insurance (PMI): in the US, usually required on a conventional loan with less than 20% down. Under US federal rules, you can ask to cancel it when the balance reaches 80% of the home's original value, and it ends automatically when the balance is scheduled to reach 78%, or at the loan's midpoint. Example: $380,000 borrowed on a $400,000 home at 0.5% a year adds $158.33 a month for 11 years 3 months.
- Homeowners association (HOA) dues and service charges: monthly fees for shared buildings or communities.
Mortgage conventions by country
Banks in different countries calculate the same loan in slightly different ways. The calculator covers the most common conventions:
| Country | Usual practice | In this calculator |
|---|---|---|
| United States | Fixed monthly payments over 15 or 30 years. PMI when you put down less than 20%. | Equal monthly payments, with taxes, insurance and PMI. |
| Canada | Interest on fixed-rate mortgages compounds twice a year, so $100,000 at 12% over 10 years costs $1,418.03 a month instead of $1,434.71. | Semi-annual compounding, chosen automatically for Canadian dollars. |
| Germany | The monthly rate comes from the interest rate plus an initial repayment rate. A fixed-rate period of 10 or 15 years leaves a balance to refinance. | Initial repayment rate, and the balance after any number of years. |
| Japan | Equal payments (元利均等) or equal principal (元金均等). Part of the loan is often repaid with twice-yearly bonus payments. | Both methods and a bonus repayment share. |
| China | Equal payments (等额本息) or equal principal (等额本金). Rates are usually set as the LPR plus or minus a margin. | Both methods. Enter the rate in your contract. |
| Russia | Annuity or differentiated payments. Early repayment can shorten the term or lower the payment. | Both methods and both early repayment options. |
| Spain | French system (sistema francés) with a fixed payment. Early repayment can reduce the term or the payment. | Equal payments and both early repayment options. |
Frequently asked questions
How much is the monthly payment on a $300,000 mortgage?
At 6.5% a year over 30 years, the payment for principal and interest is $1,896.20. At 6% it is $1,798.65, and at 7% it is $1,995.91. Property tax, insurance and PMI come on top.
Is it better to pay off sooner or lower the payment with an extra payment?
Paying off sooner saves more interest. In the example above, a one-time $20,000 payment saves $91,623 when you keep the payment and finish sooner, but $24,489 when you lower the payment instead. A lower payment is still useful if you need more room in your monthly budget.
Should I choose equal payments or equal principal?
Choose equal payments if a steady monthly amount matters most. Choose equal principal if you can afford higher payments at the start and want to pay less interest in total: on $300,000 at 6.5% over 30 years, it saves $89,321.
When does PMI stop?
Under the US federal rules described by the Consumer Financial Protection Bureau, you can ask your servicer to cancel PMI once the balance reaches 80% of the home's original value. It must end automatically when the balance is scheduled to reach 78%, and at the latest at the midpoint of the loan term. FHA and VA loans follow different rules.
Why is my lender's payment slightly different?
Lenders round each payment, may count interest by the exact number of days, and may add fees or insurance to the payment. The annual percentage rate (APR) also includes fees, so enter the interest rate, not the APR, in this calculator.
Can I use it for a mortgage outside the US?
Yes. Choose your currency and the repayment method your bank uses. For Canadian fixed-rate mortgages, the calculator switches to compounding twice a year when you select Canadian dollars.
Are my numbers saved or sent anywhere?
No. The calculation runs in your browser. The page only remembers your currency and chosen options on this device, never prices, rates or payments.
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