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Mortgage Calculator

Work out the full monthly cost of a home loan — not just principal and interest, but property tax, insurance and any association fees.

Runs entirely in your browser

Please note

This calculator is a general illustration, not financial advice. Lenders apply their own fees, rounding rules and day-count conventions, so a real quote will differ. Always check the figures with the provider before committing.

How to use the Mortgage Calculator

  1. 1Enter the home price and your deposit, either as an amount or a percentage.
  2. 2Set the interest rate and the loan term.
  3. 3Add annual property tax, home insurance and any monthly association fee.
  4. 4Read the total monthly payment and the breakdown beneath it.

How it works

The loan amount is the price less your deposit. Principal and interest are calculated with the standard annuity formula on that amount. Annual property tax and insurance are divided by twelve and added, along with any monthly association fee — the combination lenders often call PITI.

Separating these matters, because only principal and interest shrink the debt. Tax and insurance are ongoing costs that continue after the mortgage is repaid, and they are frequently the reason a monthly payment is larger than a rate calculator suggested.

The amortisation schedule shows principal and interest only, since that is the part that actually pays down the loan.

The formula

monthly = (L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)) + tax/12 + insurance/12 + HOA
L
loan amount, the price minus the deposit
r
monthly interest rate
n
number of monthly payments over the term

Worked example

A 350,000 home with 20% down at 6.5% over 30 years

  1. Deposit 70,000, so the loan is 280,000.
  2. Monthly rate 0.0054167 over 360 payments gives principal and interest of about 1,770.
  3. Add 4,200 a year of tax (350) and 1,200 of insurance (100).

Result: About 2,220 a month in total, of which 1,770 goes to the mortgage itself.

Frequently asked questions

What does PITI mean?
Principal, Interest, Taxes and Insurance — the four components most lenders bundle into one monthly payment.
How much deposit do I need?
That depends on the lender and the product. Putting down 20% commonly avoids mortgage insurance, but lower-deposit products exist. Try different figures to see the effect on the monthly payment.
Is mortgage insurance included?
Not as a separate line. If your lender requires it, add its monthly cost to the insurance field.
Why does the total interest look so large?
Because a 30-year term means borrowing for three decades. Shortening the term raises the monthly payment but cuts total interest dramatically — worth comparing here before you decide.

Related tools

Loan CalculatorCompare loan amounts, rates and terms with an amortisation table.EMI CalculatorMonthly instalment, total interest and a full repayment schedule.Compound Interest CalculatorProject savings growth with regular contributions.Tax CalculatorAdd or remove sales tax, VAT or GST from any amount.