Mortgage Calculator
Estimate your monthly mortgage payment, with optional property tax, insurance and fees, and see how much interest you pay overall.
Questions
How is a mortgage payment calculated?
Monthly principal and interest = loan × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n the number of monthly payments. Tax, insurance and fees are added on top.
How much deposit do I need?
It varies by country and lender. 20 percent avoids mortgage insurance in the US, while some lenders accept 5 to 10 percent. A bigger deposit lowers both your payment and the total interest.
Does a shorter term save money?
Yes. A 15-year loan has a higher monthly payment than a 30-year loan at the same rate, but you pay far less interest overall.
Is this an offer or a quote?
No. It is an estimate for planning. Ask your lender for an exact figure that includes fees and your rate.