How to use the Mortgage Calculator
- Enter home price and down payment.
- Enter rate and term.
- Add property tax and insurance and read the monthly total.
How it works
Loan = Price × (1 − down payment %). Monthly P&I = L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), with r the monthly rate and n the number of months. Add monthly property tax (price × tax% ÷ 12) and insurance (yearly ÷ 12).
Worked example
A 5,000,000 home with 20% down at 8.5% for 20 years: loan 4,000,000, principal and interest about 34,713 a month.
Good to know
A larger down payment and a shorter term both reduce total interest.
This estimate omits PMI, HOA fees and closing costs.
Compare lenders on the annual percentage rate, not only the headline rate.
Frequently asked questions
With the amortization formula using monthly rate and number of months, then adding tax and insurance.
It depends on the lender and country; 20% often avoids extra mortgage insurance.
The monthly payment is lower, but total interest is higher.
Results are estimates for information only and are not financial, tax or legal advice.