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Mortgage Payment Calculator
Estimate a fixed-rate mortgage payment from home price, down payment, interest rate and amortization, with optional taxes, insurance and housing costs.
Use this calculator to estimate a fixed-rate mortgage payment from the home price, down payment, annual interest rate and amortization period.
Optional property tax, insurance, condo/HOA fees and other recurring housing costs can be added separately to estimate a broader monthly housing cost.
This simplified fixed-rate model divides the nominal annual interest rate by 12, 26 or 52 payments per year. Canadian semi-annual compounding and lender-specific methods are not modeled. Amortization years × payments per year must give a whole payment count; no term rounding is applied. The dollar sign is generic; use one currency throughout.
Calculations run locally in your browser. Your financial inputs are not saved.
Enter your home and mortgage assumptions.
About this calculator
Example Mortgage Estimate
Static example, not a result from your current inputs: a $500,000 home with a 20% down payment has a $100,000 down payment and $400,000 mortgage principal. At 5% annual interest over 25 years with monthly payments, the periodic rate is 0.05 ÷ 12 and the payment count is 25 × 12 = 300.
- Estimated monthly principal-and-interest payment: $2,338.36.
- Total principal and interest: $701,508.05; total interest: $301,508.05.
- Totals use the full-precision payment, not the payment rounded to cents.
Zero Interest Example
Static example: a $240,000 mortgage principal at 0% interest over 20 years with monthly payments has 240 payments of $1,000.00.
- Total interest: $0.00.
- Total repayment: $240,000.00.
Understanding Your Mortgage Estimate
A mortgage payment is primarily determined by the amount borrowed, interest rate, amortization period and payment frequency.
- A larger down payment reduces the amount financed.
- A longer amortization generally reduces the periodic payment while increasing total interest.
- Property taxes, insurance and other housing expenses are separate from principal-and-interest payments and can materially affect total monthly housing cost.
- This calculator uses a simplified nominal annual interest rate divided by payment frequency. Actual lender calculations may use different compounding conventions.
Frequently asked questions
How is a mortgage payment calculated?
The calculator subtracts the down payment from the home price, divides the nominal annual interest rate by payments per year and uses the standard fixed-rate payment formula. At 0% interest, payment equals principal divided by the number of payments.
How does a down payment affect mortgage payments?
A larger down payment reduces the mortgage principal. With the same rate, amortization and frequency, a smaller principal produces a smaller modeled payment. The calculator does not determine insurance requirements or borrowing qualification.
How does interest rate affect mortgage cost?
For the same positive principal and amortization, a higher fixed interest rate increases both the periodic payment and total interest. Rate comparison changes only the modeled annual rate.
How does amortization affect payment and total interest?
For a positive-interest mortgage, a longer amortization generally lowers each periodic payment while increasing total interest. A shorter amortization generally does the reverse. Fractional years are accepted when they correspond to a whole number of scheduled payments; the term is not rounded.
What costs are not included in the mortgage payment?
The principal-and-interest payment excludes property tax, insurance, condo or HOA fees, utilities, upfront closing or setup costs, mortgage-default insurance and lender fees. Optional user-entered recurring costs are shown as a separate monthly housing estimate, and optional upfront costs are shown as initial cash only.
Why might an actual lender payment differ?
Actual payments can differ because of compounding conventions, fees, insurance, taxes, payment timing and loan-specific terms. This model does not use Canadian semi-annual compounding and does not determine approval or affordability.
What is the difference between this and the Loan Amortization Calculator?
Mortgage Payment Calculator focuses on home-price, down-payment and housing-cost planning. Loan Amortization Calculator focuses on the detailed principal/interest schedule over time. Loan Payment Calculator remains a separate tool for quick general loan-payment estimates.
This calculator provides general planning estimates only and is not financial, mortgage, tax or legal advice. Actual lender calculations may differ because of compounding conventions, fees, insurance, taxes and loan-specific terms.