Work out your monthly mortgage payment in dollars, pounds, euros or other currencies. Enter the price, your down payment and the rate to see your payment, the total interest and how much an extra payment each month could save you.
Works in any currency. Uses monthly compounding, the standard in the US, UK, Australia and most of Europe.
How fast the loan shrinks if the rate stays the same.
How the mortgage calculator works
It uses the standard formula for a repayment mortgage with monthly compounding, used by most lenders in the US, UK, Australia and Europe. Each payment covers that month’s interest first, and the rest pays down the loan. Early on most of your payment is interest, which is why extra payments in the first years save so much.
Why extra payments are so powerful
Every extra amount goes straight to the loan balance, so you stop paying interest on it for the rest of the term. Even a small top-up each month can cut years off your mortgage. Check whether your lender limits overpayments first. Many UK fixed-rate deals allow up to 10% of the balance a year without a fee.
15, 25 or 30 years?
A shorter term means a higher monthly payment but far less interest overall. A longer term keeps the payment lower and gives you room in your budget. Switch the loan term in the calculator to compare the total interest.
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Frequently asked questions
How much down payment do I need?
It depends on where you live and the loan type. In the US, 20% avoids private mortgage insurance on a conventional loan. In the UK, many lenders accept 5% to 10%, but better rates usually start at 25% to 40% down.
Does this include taxes and insurance?
No. It shows principal and interest only. Add property tax, home insurance and any mortgage insurance to get your full monthly housing cost.
I am in Canada. Should I use this?
Canadian fixed-rate mortgages compound twice a year, not monthly, and have their own insurance rules. Use our Canadian mortgage calculator instead.
This calculator gives an estimate for general information only. Your lender’s figures may differ.
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