Estimate your monthly mortgage payment from the home price, deposit, interest rate and term, with optional yearly property tax and insurance. Results update as you type.
| Loan amount | – |
| Principal and interest | – |
| Tax and insurance per month | – |
| Total interest over the term | – |
How it works
The loan amount is the home price minus the deposit. The principal and interest payment uses payment = L × r ÷ (1 − (1 + r)^−n), with L the loan, r the monthly rate and n the number of months. Tax and insurance are added as one twelfth of the yearly amounts.
Other costs, such as mortgage insurance, fees, service charges and rate changes, are not included.
Example
A 350,000 home with 20% down leaves a 280,000 loan. At 6.5% over 30 years, principal and interest is about 1,770 a month. With 3,500 tax and 1,200 insurance a year, the total is about 2,162.
Frequently asked questions
Does this include mortgage insurance?
No. If your deposit is small, your lender may require extra insurance that this calculator does not include.
What deposit do I need?
It depends on the lender and country. Ask your lender or a broker.
Is this a mortgage offer?
No. It is an estimate only.
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This calculator gives estimates for information only and is not financial advice. Check figures with your lender or adviser.