Mortgage Calculator
Estimate the monthly payment on a home loan from the price, down payment, interest rate and term — with the total interest, the total cost, a balance table and the working shown.
Estimate a mortgage payment
An example is worked out below — change any figure and it updates.
Your monthly payment, total interest and the working will appear here.
More than the monthly figure
The numbers that decide whether a mortgage is actually affordable.
Monthly payment
The principal-and-interest payment, plus the monthly total with your tax and insurance estimates added on top.
Total interest
What the loan itself costs on top of repaying what you borrowed, across the whole term.
Balance table
What remains outstanding after 1, 5, 10, 20 years and beyond — useful for remortgage and overpayment thinking.
About this mortgage calculator
This calculator estimates a repayment mortgage — the standard kind where each monthly payment covers that month’s interest plus a slice of the amount borrowed, so the balance reaches zero at the end of the term. It uses the standard amortisation formula: the payment is the loan multiplied by the monthly rate and a growth factor that spreads repayment evenly across every month of the term.
Two honest limits. First, the rate is treated as fixed for the whole term; if your deal changes rate after an introductory period, the later payments would differ — rerun the numbers with the new rate and the remaining term to see the effect. Second, property tax and home insurance are not part of the loan: lenders bundle them differently (escrow accounts in the US, separate bills elsewhere), so they are optional monthly estimates you add yourself, kept separate from the loan figures.
For a loan that is not a mortgage — a car loan, a personal loan or any other amount repaid monthly — use the Loan Calculator (EMI) instead; it uses the same maths without the property-specific fields.
Frequently asked questions
The formula, the totals, and what the estimate leaves out.
How is a monthly mortgage payment calculated?
With the amortisation formula: payment = P x r x (1 + r)^n / ((1 + r)^n – 1), where P is the amount borrowed, r is the monthly interest rate (the yearly rate divided by 100, then by 12), and n is the number of monthly payments. This page shows the substitution with your numbers under every result.
What does the total interest figure mean?
It is everything you pay the lender on top of repaying the amount borrowed: monthly payment times number of payments, minus the loan amount. On long terms it can rival the loan itself, which is why a shorter term or a lower rate makes such a difference.
Does the payment include property tax and insurance?
Not in the headline figure — that is principal and interest only, the part the loan maths decides. If you enter monthly tax and insurance estimates, the results also show a monthly total including them, kept clearly separate.
What happens if the interest rate is 0%?
The payment is simply the loan divided by the number of months, and the total interest is zero. The calculator handles that case directly.
Can I use this for a remortgage or a shorter term?
Yes — enter figures whose difference (price minus down payment) equals the balance you still owe, with the new rate and the remaining term.
Is this financial advice?
No — it is an estimating tool. Actual offers depend on the lender, your circumstances, fees and how rates change over the term; compare real quotes before committing.