Work out your mortgage payment before you commit
Buying a home is the biggest financial decision most people make, and the monthly payment is what really matters day to day. This free mortgage calculator shows your monthly principal and interest, the total interest you'll pay over the life of the loan, and a full amortization schedule — plus optional property tax, home insurance, PMI and HOA so you see the true all-in cost.
Change the price, down payment, term or interest rate and watch the numbers update instantly. It works in several currencies, so it's useful whether you're buying in the US, UK, Pakistan, India or beyond. Everything runs in your browser — nothing you type is uploaded.
How to use it
- Pick your currency and enter the home price and down payment (amount or %).
- Set the loan term and the annual interest rate.
- Optionally add tax, insurance, PMI and HOA for your full monthly cost.
- Read your monthly payment, total interest and the year-by-year schedule.
How the monthly payment is calculated
Your principal-and-interest payment uses the standard amortization formula. If P is the loan amount (price minus down payment), r is the monthly interest rate (the annual rate divided by 12), and n is the number of monthly payments (years × 12), then the payment M = P · r · (1+r)ⁿ ÷ ((1+r)ⁿ − 1). The calculator then adds monthly tax, insurance, PMI and HOA to show the complete figure you'd actually pay each month.
Understanding amortization
With a fixed-rate mortgage every payment is the same, but the split between interest and principal shifts over time. In the early years most of each payment goes to interest because the balance is large; as the balance shrinks, more goes to principal. The schedule in this tool shows that shift year by year, which is why paying a little extra early on saves a surprising amount of interest overall.
How to lower what you pay
Three levers make the biggest difference: a larger down payment (smaller loan, less interest, and 20%+ usually avoids PMI), a lower interest rate (shop around and improve your credit), and a shorter term (a 15-year loan costs far less interest than a 30-year one, though the monthly payment is higher). Try each in the calculator to see the trade-offs for your situation.
Fixed vs variable rate
A fixed-rate mortgage keeps the same interest rate and payment for the whole term, so your budget is predictable no matter what markets do — this calculator models a fixed rate. A variable or tracker rate moves up and down with the market, which can be cheaper when rates fall but riskier when they rise. If you're comparing offers, run your fixed rate here, then re-run with a higher rate to stress-test what a variable deal could cost you if rates climb a few points.
Free, private and currency-flexible
There's no signup and no limit, and the maths happens entirely on your device, so your financial details stay private. Use it as many times as you like and across currencies. Remember the results are estimates for planning — confirm exact figures with your lender before signing anything.