Back to Tools

Mortgage calculator

🏠 Mortgage Intelligence Pro

Complete home ownership cost analysis with PITI breakdown, amortization & wealth insights

Property & Loan Details

Home Price ($)

Down Payment ($)

Loan Term (Years)

Annual Interest Rate (%)

Additional Costs & Fees

Property Tax / Year ($)

Home Insurance / Year ($)

Monthly HOA / PMI ($)

Closing Costs ($)

Monthly Maintenance ($)

Loan Type

Extra Monthly Payment ($)

Currency

Total Monthly PITI Payment

Principal + Interest + Tax + Insurance

Loan Amount

Total Interest

Total Cost

Break-Even (Yrs)

—

Payment Composition

■ P+I■ Tax■ Insurance■ HOA/PMI

Acquisition Analysis

Loan Amount$0

Down Payment$0

Total P+I Repayment$0

Total Interest Paid$0

Closing Costs$0

Total Ownership Cost$0

Wealth Intelligence

About the Mortgage calculator

Estimate your full monthly home-ownership cost, not just the loan payment. The calculator combines principal and interest with property tax, insurance, HOA or PMI, and lets you test extra payments and different loan types.

How to use the Mortgage calculator

Enter the Home Price and your Down Payment.
Set the Loan Term (Years), Annual Interest Rate (%) and choose a Loan Type: Fixed Rate, ARM or Interest-Only.
Add Property Tax / Year, Home Insurance / Year, Monthly HOA / PMI, Closing Costs and Monthly Maintenance for a realistic total.
Optionally enter an Extra Monthly Payment and pick your Currency, then press Calculate Mortgage.

Formula and method

Principal and interest use the standard amortisation formula: M = L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where L is the loan (price minus down payment), r is the monthly rate and n is the number of months.

Property tax, insurance, HOA/PMI and maintenance are then added to give the total monthly cost.

Worked example

A $300,000 home with 20% down leaves a $240,000 loan. At 6.5% over 30 years, principal and interest are about $1,517 a month. Add property tax, insurance and HOA on top to see your real monthly cost.

15 years versus 30 years. On a $300,000 loan, 30 years at 6.5% costs about $1,896 a month and roughly $382,600 in interest. Over 15 years at 6.0% the payment is about $2,532 a month, but the interest falls to roughly $155,700. The shorter loan costs about $635 more each month and saves more than $226,000 in interest.

When to use the Mortgage calculator

Working out what monthly payment a house price really means before you visit a lender.
Comparing a 15-year loan with a 30-year loan to see how much interest the longer term costs.
Testing how a slightly lower rate or a bigger down payment changes both the payment and the total cost.
Checking whether adding a small extra payment each month is worth doing.

Common mistakes to avoid

Looking only at principal and interest. Property tax, home insurance, mortgage insurance and any association fees can add several hundred a month.
Focusing on the monthly payment alone. A longer term lowers the payment but usually raises the total interest by a large amount.
Forgetting one-off costs such as closing costs, moving and repairs when deciding how much cash to put down.
Using a promotional or introductory rate for the whole term when the loan has an adjustable rate.

Tips

A down payment below 20% usually means paying private mortgage insurance (PMI).
Adding even a small extra amount each month can shorten a 30-year mortgage by several years.
Budget 1 to 2 percent of the home value per year for maintenance.
ARM rates can change after the fixed period, so test a higher rate to see if you could still afford the payment.

Frequently Asked Questions

How much house can I afford?

A common guideline is that housing costs should stay under about 28 percent of your gross monthly income, and total debts under about 36 percent. Lenders apply their own limits.

What is PMI?

Private mortgage insurance protects the lender if you put down less than 20 percent. It usually ends once you have enough equity.

Fixed rate or ARM?

A fixed rate keeps the payment stable. An adjustable-rate mortgage starts lower but can rise later, which suits people who expect to sell or refinance early.

What is PMI and can I avoid it?

Private mortgage insurance is an extra monthly cost that lenders usually require on a conventional loan when your down payment is under 20%. It normally ends once you have built up enough equity. A larger down payment is the simplest way to avoid it.

Does a bigger down payment always help?

It lowers the amount you borrow, the monthly payment and the interest paid. But do not drain your emergency savings to get there, because you still need a cash cushion after moving in.

How much of my income should go to a mortgage?

A common guideline is to keep total housing costs at or below about 28% of your gross monthly income. Lenders also look at your total debt payments. Your own comfort level matters most.