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Mortgage Calculator

Enter the home price, your down payment, the interest rate and the loan term to see the monthly payment. Add property tax, insurance and association fees to see what owning the home costs each month. Everything is calculated in your browser.

Mortgage payment calculator

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Down payment as
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years
% of price
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Enter the home price and interest rate to see the monthly payment.

How to use it

  1. Enter the home and the loan

    Type the home price, your down payment (as a percentage or an amount), the yearly interest rate and the term in years.

  2. Add the extra costs

    Optionally add yearly property tax as a share of the price, yearly insurance and any monthly association or strata fee.

  3. Read the breakdown

    See the total monthly payment, the split between loan and extras, and the total interest paid over the life of the loan.

Example: a 400,000 home with 20% down

A 400,000 price with 20% down is a 320,000 loan. At 6.5% over 30 years the principal and interest payment is 2,022.62 a month. Add 1.2% a year property tax (400.00 a month), 1,800 a year insurance (150.00) and a 50.00 fee, and the total is 2,622.62 a month. The 6.5% is an example, not a current market rate.

Limits and limitations

  • It assumes a fixed rate for the whole term. Adjustable and interest-only loans work differently.
  • Mortgage insurance, closing costs, stamp duty and transfer taxes are not included. With less than 20% down the tool warns that mortgage insurance may apply.
  • Property tax is a simple share of the price, and insurance and fees are held flat. In reality they change from year to year.
  • The result is an estimate for planning, not financial, tax or legal advice. Check the real figures with your lender, adviser or tax authority before you decide.

Frequently asked questions

How is the monthly mortgage payment calculated?

The principal and interest part uses the standard fixed-rate formula: loan × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (yearly rate ÷ 12) and n is the number of monthly payments.

What does the total include?

Principal and interest, plus the property tax, insurance and association fee you enter. Anything you leave blank counts as zero.

How is this different from the Loan EMI Calculator?

The Loan EMI Calculator works out a loan payment and a repayment schedule. This page is built for a home: it takes the down payment from the price and adds tax, insurance and fees.

Is my information uploaded?

No. Your information is worked out by JavaScript running in your browser and is not sent to a server. The page itself still loads from a web server like any website. This site can load advertising or analytics scripts, but only after you accept them in the cookie notice. They are separate from the tools, which never pass the files or text you work with to them.

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