About the Mortgage Calculator
Find out how much house you can afford. Enter the home price, down payment, interest rate and loan term to see your monthly payment broken down into principal and interest, property tax, home insurance and HOA or maintenance fees.
You will also see the total interest over the life of the loan and how your balance falls year by year.
How to use the Mortgage Calculator
- Enter the home price and your down payment (as an amount or a percentage).
- Enter the interest rate and loan term.
- Optionally add yearly property tax, yearly insurance and monthly HOA fees.
- Review your monthly payment breakdown and schedule.
Frequently asked questions
How much down payment do I need?
It depends on the lender and country. 20% is a common target because it often avoids mortgage insurance, but many loans accept 3–10%.
15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but usually a lower rate and far less total interest. A 30-year mortgage has lower monthly payments but costs much more over time.
What is amortization?
Amortization is how each payment is split between interest and principal over time. Early on most of the payment is interest; by the end most of it reduces the balance.