Mortgage Calculator
Find your monthly mortgage payment, the total interest and your payoff date, then add taxes, insurance, extra payments and see what you can afford.
Accelerated means half (or a quarter) of the monthly payment every 2 weeks (or every week), so you pay one extra month a year.
Type of mortgageFor a 2- or 5-year fix, an adjustable-rate (ARM) loan or a teaser rate. The payment is recalculated when the rate changes.
Ground rent, maintenance, utilities you want to count.
A one-off premium rolled into the loan, like Canadian default insurance or the US FHA upfront premium.
Legal, valuation, transfer or stamp taxes, lender fees.
Paid upfront to buy a lower rate (1 point = 1%).
Car, card, student and other loans.
The common 28/36 rule of thumb. Lenders vary, so change the limits to match yours.
Amortization schedule and chart
How your mortgage payment is worked out
Payment = loan × rate × growth ÷ (growth − 1), then the running costs on top.
- 1
What you borrow
$400,000− $80,000 down= $320,000
- 2
Rate and growth
6.5% ÷ 12= 0.005417(1 + rate)^360= 6.9918
- 3
Mortgage payment
$320,000× 0.005417× 6.9918 ÷ 5.9918= $2,022.62
- 4
Total interest
360 × $2,022.62= $728,142− $320,000= $408,142
Read more: the formula, worked examples, PMI, extra payments, Canada and affordability
A repayment mortgage has a level payment. Each payment first covers the interest on the balance left, and the rest pays down the loan. Early on most of it is interest; by the end almost all of it is loan. Property tax, insurance, PMI and HOA fees are then added on top to give what actually leaves your account each month.
The formula
loan = home price − down payment (+ any upfront insurance)
monthly rate i = yearly rate ÷ 12 ÷ 100
payment = loan × i × (1 + i)^n ÷ ((1 + i)^n − 1), where n = number of payments
monthly cost = payment + property tax + home insurance + PMI + HOA + other costs
half-yearly compounding (Canada): i = (1 + yearly rate ÷ 2)^(2 ÷ payments a year) − 1
interest-only payment = loan × i
Worked example
A 400,000 home with 20% down (80,000) needs a loan of 320,000. At 6.5% over 30 years the monthly rate is 6.5 ÷ 12 ÷ 100 = 0.0054167 and there are 360 payments. (1.0054167)360 = 6.9918, so the payment is 320,000 × 0.0054167 × 6.9918 ÷ 5.9918 = 2,022.62 a month. Over 30 years that adds up to 728,142.36, so 408,142.36 is interest.
Add property tax of 1.2% of the price (4,800 a year, 400 a month), home insurance of 1,800 a year (150 a month) and an HOA fee of 150 a month, and the monthly cost is 2,022.62 + 400 + 150 + 150 = 2,722.62.
Extra payments and bi-weekly payments
On the same loan, an extra 200 a month clears it in 281 payments (23 years 5 months) and cuts the interest to 302,713.69, a saving of 105,428.67. Paying half the monthly payment (1,011.31) every two weeks, known as accelerated bi-weekly, adds up to 13 monthly payments a year. It clears the loan in 626 payments, about 24 years, and saves about 95,301 in interest. Plain bi-weekly payments (932.16 every 2 weeks here) just spread the same yearly amount and save very little.
PMI and mortgage insurance
With less than 20% down, many lenders add mortgage insurance. Take a 300,000 home with 10% down at 7% for 30 years: the payment is 1,796.32 and PMI of 0.5% a year adds 112.50 a month. Once the balance falls to 78% of the price (234,000), after 115 payments, it stops, so you pay 12,937.50 of PMI in all. In the US, lenders must cancel PMI automatically at 78% of the original value on most loans, and you can ask for it to be removed at 80%. In Canada, default insurance is usually a one-off premium added to the loan instead; enter it as "upfront insurance".
Canada: half-yearly compounding
Canadian fixed-rate mortgages compound twice a year, not monthly. A 500,000 mortgage at 5% over 25 years costs 2,908.02 a month this way, against 2,922.95 with monthly compounding.
Fixed periods and rate changes
Many mortgages fix the rate for 2, 5 or 10 years and then move to another rate. A 200,000 loan over 25 years at 4% costs 1,055.67 a month. After 5 years 174,209.23 is left, and if the rate then becomes 7% the payment jumps to 1,350.64 for the remaining 20 years.
Interest-only
An interest-only mortgage only pays the interest, so the whole loan is still owed at the end. 200,000 at 6% is 1,000 a month. With 5 interest-only years on a 30-year term, the payment then rises to 1,288.60 to repay the loan over the last 25 years.
How much can I afford?
A common rule is to keep housing costs under 28% of income before tax, and all debts under 36%. On 120,000 a year (10,000 a month) with 500 a month of other debts, the limits are 2,800 and 3,600 − 500 = 3,100, so housing can take 2,800 a month. With 20% down at 6.5% over 30 years, property tax of 1% and insurance of 1,200 a year, that buys a home of about 458,414.
| Term | Payment on 320,000 at 6.5% | Total interest |
|---|---|---|
| 15 years | 2,787.54 | 181,757.84 |
| 20 years | 2,385.83 | 252,600.17 |
| 25 years | 2,160.66 | 328,198.87 |
| 30 years | 2,022.62 | 408,142.36 |
Assumes the rate stays as entered for each period. Real payments may differ slightly because of rounding, the day of the first payment and how your lender charges interest. Property tax, insurance and PMI rates vary by country, region and lender, so use your own quotes. Dates for weekly and bi-weekly payments are approximate. Checked on 10 October 2026.