Mortgage Calculator: Monthly Payment, Extra Payments and Affordability
Work out your monthly mortgage payment, see how extra payments cut your interest, or find how much house you can afford. Select your country first to set the currency and a typical rate. It runs in your browser, so nothing you enter is stored.
Estimates only. Your lender will quote its own rate, fees and taxes, so treat this as a guide.
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How to calculate a mortgage payment
- Pick your country so the currency and a typical rate are filled in. Change the rate to the one you were quoted.
- Enter the home price and your down payment as a percent. The loan is the price minus the down payment.
- Enter the term in years. Add yearly property tax and insurance if you want the full monthly cost.
- Add an extra monthly, yearly or one-time payment to see how much interest and time you save.
Switch to How much can I afford to work backwards from your income instead.
The mortgage payment formula
For a standard fixed-rate loan, the monthly principal and interest payment is M = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is the monthly rate (yearly rate ÷ 12) and n is the number of monthly payments.
Example: a $400,000 home with 20% down is a $320,000 loan. At 6.5% over 30 years, r is 0.5417% and n is 360, so the payment is about $2,023 a month. Over 30 years you would pay about $408,142 in interest on top of the loan.
What are PMI and HOA fees?
PMI (private mortgage insurance) is an extra monthly cost lenders in the US often charge when your down payment is under 20%. It is usually a fraction of a percent to over 1% of the loan a year, and it stops once you have enough equity. HOA fees are monthly charges paid to a homeowners or building association. Enter them above and the payment, the chart and the totals update. Outside the US, similar costs may be called service charges, ground rent or building insurance.
15, 20, 25 or 30 years: what changes
A shorter term means a higher payment but far less interest. Here is the same $320,000 loan at 6.5%:
| Term | Monthly payment | Total interest |
|---|---|---|
| 15 years | $2,788 | $181,758 |
| 20 years | $2,386 | $252,600 |
| 25 years | $2,161 | $328,199 |
| 30 years | $2,023 | $408,142 |
Do extra payments help?
Yes. Extra money goes straight to the loan balance, so you owe less interest every month after that. On the same $320,000 loan at 6.5% over 30 years:
| Extra a month | Paid off in | Interest saved |
|---|---|---|
| $0 | 30 years 0 months | — |
| $200 | 23 years 5 months | $105,429 |
| $500 | 18 years 0 months | $185,552 |
A one-time lump sum or an extra payment once a year works the same way, so try them in the boxes above. Check with your lender first. Some loans limit how much you can overpay each year without a fee, which is common in the UK.
How much house can I afford?
A common US guide is the 28/36 rule: keep housing costs under 28% of your gross monthly income and all debts under 36%. The affordability mode uses the lower of the two limits, takes off tax and insurance, and turns what is left into a loan size at your rate and term.
Lenders outside the US often look at income multiples instead. In the UK, many lenders offer up to about 4 to 4.5 times your yearly income, depending on your debts and spending. Your own lender decides, so use this as a starting point.
How mortgages differ by country
- United States: 30-year fixed loans are the most common. Property tax and insurance are usually paid into the monthly payment.
- United Kingdom: 25-year terms are common, with a fixed rate for 2 to 5 years and then a reset to a new deal or variable rate.
- Canada: 25-year amortization with a 5-year rate term is typical. Fixed rates are usually compounded twice a year, so this calculator can differ slightly from your lender.
- Australia: 30-year loans are common and many are variable rate. An offset account can cut interest and is not included here.
- Ireland and India: terms and rate resets vary by lender, so enter the rate you were offered.
Stamp duty, legal fees, mortgage insurance and other closing costs are not included.
Frequently asked questions
How do I calculate my monthly mortgage payment?
Subtract your down payment from the price to get the loan, then use M = P × r ÷ (1 − (1 + r)^−n), with r as the yearly rate divided by 12 and n as years times 12. The calculator does this for you and adds tax and insurance if you enter them.
What is a mortgage payment calculator with extra payments?
It shows how paying more than the required amount each month shortens the loan and cuts interest. Enter an extra monthly amount and the results show the time and interest saved.
How much house can I afford?
A common US guide is that housing should be under 28% of gross monthly income and total debt under 36%. Use the affordability mode with your income, debts, rate and term to see a price range.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has a higher monthly payment but far less total interest. A 30-year loan has a lower payment and more flexibility. The table above shows the difference for one example.
Does the payment include property tax and insurance?
The principal and interest part does not. Enter yearly property tax and home insurance and the calculator adds them to give the full monthly cost.
Is this calculator right for the UK, Canada or Australia?
Yes for a standard repayment loan with monthly payments. Pick your country for the currency and a typical rate. Canadian fixed rates are compounded twice a year, so your lender may show a slightly different figure.
Does this include interest-only mortgages?
No. It covers repayment loans where each payment reduces the balance. With an interest-only loan you pay only the interest and still owe the full amount at the end.
Is my information saved?
No. Everything is calculated in your browser and nothing you enter is sent or stored.
About this calculator
Written by Junaid Riaz. The calculator uses the standard fixed-rate mortgage formula with monthly compounding and the 28/36 rule for affordability. Results are estimates, not financial advice. Last updated November 12, 2026. Questions or corrections: [email protected].
Written by Junaid Riaz
Junaid Riaz writes the finance and tax calculators on UtilMora. Every formula and worked example on this page is shown in full so you can check each result yourself. Corrections are welcome at [email protected].
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For information only, not professional advice.
Written by Junaid Riaz. Last updated: November 12, 2026.