Mortgage calculator
Most mortgage calculators stop at principal and interest, which is rarely what leaves your account. This one adds property tax, insurance and any service charge, so the figure at the top is the one you should compare against your monthly income.
How to use the mortgage calculator
- Enter the home price and your deposit as a percentage.
- Add the interest rate and the term, usually 15, 20 or 30 years.
- Fill in annual property tax and insurance, and any monthly association or service charge.
How it works
Your loan is the price minus the deposit. Principal and interest are amortized across the full term, then the annual costs are divided by twelve and added on top. Lenders usually want this total to sit below about a third of your gross monthly income, though the exact ratio varies by country and product.
A larger deposit does two things at once: it shrinks the loan and it usually removes the mortgage insurance most lenders require below a 20% deposit, which is not included here. The total interest line is worth reading carefully on a 30-year term — it is frequently larger than the deposit.
Common questions
Is mortgage insurance included?
No. PMI or its local equivalent depends on your lender and deposit size, so add it as a separate monthly cost if your deposit is under 20%.
Should I use a 15 or 30 year term?
A shorter term means a higher monthly payment and far less total interest. Enter both and compare the total-of-payments line to see the trade in your own numbers.