🏠 Free Financial Tool

Mortgage
Calculator

Complete PITI breakdown — Principal, Interest, Taxes & Insurance — with amortisation schedule and total cost summary.

Loan Details

Home Price $300,000

$50K$2M

Down Payment 20% — $60,000

0%50%

Loan Term

Interest Rate (APR) 7.00%

1%15%

Taxes & Insurance (PITI)

Annual Property Tax 1.2%

Annual Home Insurance

Include PMI (if down payment < 20%)

PMI Rate Annual

Include HOA Fee

Monthly HOA Fee

Monthly Payment

Total Monthly Payment (PITI)

Loan Amount: $0

Breakdown

Principal

Interest

Property Tax

Insurance

PMI

HOA

Principal0%

Interest0%

Tax0%

Insurance0%

PMI0%

HOA0%

Loan Amount

Total Interest

Total Cost (PI)

2054

Payoff Year

Yearly Amortisation Schedule

Year	Principal	Interest	Balance

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How to use the mortgage calculator

Enter your home price, down payment, loan term and interest rate to instantly see your estimated monthly payment, total interest paid over the life of the loan, and a full amortisation schedule showing how much of each payment goes toward principal vs interest.

The mortgage payment formula explained

  M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]

Where M is your monthly payment, P is the principal loan amount (home price minus down payment), r is your monthly interest rate (annual rate divided by 12), and n is the total number of payments (loan term in years multiplied by 12).

What affects your mortgage payment?

Home price and down payment — A larger down payment reduces your loan amount, lowers your monthly payment, and eliminates private mortgage insurance (PMI) if you put down 20% or more.
Interest rate — Even a 0.5% difference in rate can change your monthly payment by hundreds of dollars and cost or save tens of thousands over 30 years.
Loan term — A 15-year mortgage has higher monthly payments than a 30-year mortgage but costs significantly less in total interest.
Property taxes and insurance — Most lenders include these in your monthly payment via an escrow account. Our calculator shows principal and interest only — add 1.1%–1.5% of home value annually for a more complete estimate.

15-year vs 30-year mortgage — which is better?

On a $300,000 mortgage at 7% interest, a 30-year loan costs approximately $718/month in principal and interest, while a 15-year loan costs about $2,696/month — but you pay $141,000 less in total interest. The 30-year gives more monthly flexibility; the 15-year builds equity faster and costs far less overall.

Frequently asked questions

How much house can I afford?

A common rule is to keep your total housing costs (mortgage, taxes, insurance) below 28% of your gross monthly income. Use our Home Affordability Calculator to get a personalised estimate based on your income and debts.

What credit score do I need for a mortgage?

Most conventional loans require a minimum credit score of 620. FHA loans accept scores as low as 580 with a 3.5% down payment. Higher scores (740+) qualify for the lowest interest rates, which can save thousands over the loan term.

Should I make extra mortgage payments?

Yes — even one extra payment per year can cut years off a 30-year mortgage and save tens of thousands in interest. Use our Extra Payment Calculator to see exactly how much you can save.

When should I refinance my mortgage?

Refinancing makes sense when you can lower your rate by at least 0.75%–1%, plan to stay in the home long enough to recoup closing costs (typically 2–5 years), and have at least 20% equity. Use our Refinance Calculator to check your break-even point.

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