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Finance

Mortgage Calculator

Estimate mortgage payments from either home price and down payment or a direct loan amount, with the term entered in years or months.

Mortgage inputs

Compare affordability with standard, equal-principal, and interest-only repayment options.

Loan amount 0
Initial monthly payment 0
Later monthly payment 0
Total interest 0

Beginner guide

Home price is not the same as loan amount

If you are still shopping, enter the home price and down payment. The calculator subtracts the down payment to estimate the mortgage amount.

If a bank or broker already gave you the exact amount you plan to borrow, switch to direct loan amount. That avoids guessing from the purchase price.

  • Home price minus down payment is useful before choosing a property.
  • Direct loan amount is cleaner when you already know the mortgage principal.
  • Taxes, insurance, maintenance, and fees are not included in the principal-and-interest result.

Pick the repayment style carefully

Standard principal and interest keeps the monthly payment steady. Equal principal starts higher and falls over time. Interest-only can look cheap at first because the principal is not going down.

For a beginner estimate, start with the standard option. Then compare the others only if your lender actually offers them.

Formula

Standard principal and interest uses the amortization formula. Equal principal repays the same principal each month. Interest-only payments cover interest while principal remains outstanding.

Example

A $420,000 home with $84,000 down creates a $336,000 loan. At 6.75% for 30 years, the standard payment is about $2,179 per month.

Result notes

  • Results are estimates based on the values you enter.
  • Calculators with schedules show how values change over time.
  • For financial, health, or construction decisions, compare these estimates with professional advice when needed.

Frequently asked questions

Can I enter the loan amount directly?

Yes. Choose the direct loan amount input method if you already know how much you plan to borrow.

What is the standard repayment type?

It is a principal-and-interest mortgage with a level monthly payment across the loan term.

Does this include taxes and insurance?

No. This calculator focuses on principal and interest so the core loan cost is clear.

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