Mortgage calculator
Monthly payment, total interest and payoff date for a home loan.
About this calculator
Use this to compare what a home costs each month at different prices, deposits and rates. Extra payments show how much interest you could save and how much sooner the loan ends.
In the US, a monthly cost often includes property tax, home insurance and HOA fees, and the upfront amount is called a down payment. In the UK it is called a deposit, and council tax is usually paid separately. Choose pounds in the header to see UK terms and a UK example.
How it works
The monthly repayment is L × r ÷ (1 − (1 + r)^−n), where L is the loan, r the monthly rate and n the number of months. Tax, insurance and fees are added on top.
Worked example
- Home price: $350,000
- Down payment: 25%
- Term: 15 yr
- Interest rate: 6% a year
- Property tax: $3,900 a year
- Home insurance: $1,800 a year
Monthly cost: $2,690.12 ($2,215.12 of that repays the loan)
The story behind it
Where the idea came from: The US Federal Housing Administration, created in 1934, helped make this kind of loan the norm.
Before the 1930s, many US home loans ran for just a few years, charged only interest, and ended with one large final payment. When the Great Depression hit, borrowers who couldn't refinance lost their homes. The Federal Housing Administration helped make long loans with equal monthly payments the standard. That's the loan this calculator models: the same payment every month, with more of it going to the balance over time.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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