Mortgage Calculator
Estimate a monthly mortgage payment, with a choice of monthly (US) or semi-annual (Canadian) compounding. It runs in your browser.
Also searched as: mortgage payment calculator · home loan calculator · monthly mortgage payment · house payment calculator
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How to use it
- 1
Enter price and down payment
The loan is the price minus your down payment.
- 2
Add rate and term
Enter the rate, amortization years and compounding.
- 3
Read the payment
See the monthly payment, total interest and total paid.
Questions about mortgage calculator
What is the compounding option?
US mortgages usually compound monthly; Canadian mortgages compound semi-annually, which changes the payment slightly.
Does it include tax and insurance?
No. It covers principal and interest only.
Is my information sent anywhere?
No. It is worked out on your device.
What the payment includes
The result is principal and interest only. A real monthly cost usually also includes property tax and home insurance, and sometimes extra costs such as condo fees. In Canada a down payment of less than 20 percent generally requires mortgage default insurance, and in the United States a conventional loan with less than 20 percent down commonly adds private mortgage insurance, so add those on top.
Choose the compounding that matches your country. US mortgages usually compound monthly and Canadian ones semi-annually, which changes the payment slightly.
How term and rate change the cost
As a worked example, a 400,000 loan at 5 percent over 25 years costs about 2,338 a month, and about 301,000 in interest overall. Stretching the same loan to 30 years lowers the payment to about 2,147 a month, but total interest rises to about 373,000. A longer amortization eases the monthly burden at the price of a much larger total.
Try a few rates and terms to see how a small change in the rate adds up over decades, and use the results to compare offers.