Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and full amortisation schedule. Know exactly what you’re signing before you buy.
🏠 Calculate Your Mortgage
Enter your home price, down payment, loan term and rate to see your full payment breakdown.
| Year | Principal | Interest | Balance |
|---|
Mortgage Calculator — Know Your Monthly Payment Before You Buy
Our free mortgage calculator helps you work out exactly what your monthly mortgage payment will be based on your home price, down payment, loan term, and interest rate. Whether you are a first-time buyer or refinancing an existing loan, using a mortgage calculator before you commit is one of the smartest financial moves you can make. Enter your numbers above and get your full amortisation schedule instantly.
How Does a Mortgage Calculator Work?
A mortgage calculator uses the standard loan amortisation formula to split each monthly payment into two components — principal and interest. In the early years of your mortgage, the majority of each payment goes toward interest. As the loan matures, more goes toward reducing the principal balance. Our mortgage calculator shows you this breakdown year by year in the full amortisation table so you can see exactly where your money goes over the life of the loan.
What Inputs Does This Mortgage Calculator Use?
This mortgage calculator requires four key inputs: home price, down payment, loan term (10, 15, 20, 25, or 30 years), and annual interest rate. You can also optionally include annual property tax and home insurance to get a complete monthly payment estimate that reflects your true housing cost — not just the principal and interest portion.
15-Year vs 30-Year Mortgage — Which Is Better?
This is one of the most common questions homebuyers ask. Use this mortgage calculator to run both scenarios side by side. A 30-year mortgage keeps your monthly payment lower but you pay significantly more in total interest over the life of the loan. A 15-year mortgage doubles the monthly commitment but can save tens of thousands in interest. The right choice depends entirely on your cash flow and financial goals.
Down Payment and Its Effect on Your Mortgage
- 20% or more: Avoids Private Mortgage Insurance (PMI), lower monthly mortgage payment, immediate equity.
- 10–19%: PMI required, higher monthly cost — add PMI to your mortgage calculator estimate.
- Less than 10%: Highest PMI cost, least equity, highest total mortgage cost over the loan term.