Mortgage Calculator
Estimate the monthly principal-and-interest payment on a mortgage after your down payment.
Mortgage
Estimate the monthly payment on a mortgage after a down payment.
Monthly payment (principal + interest)
1,288.37
- Amount borrowed: 240,000.00
- Total repaid: 463,813.88
- Total interest: 223,813.88
An estimate only, not financial advice. It covers principal and interest only — property tax, insurance, mortgage insurance, and fees are not included.
How it works
Enter the home price, your down payment, the annual interest rate, and the mortgage term in years. The amount borrowed is the home price minus the down payment.
The loan amount is repaid with equal monthly payments using the standard amortisation formula, the same one the Loan calculator uses.
This is an estimate, not financial advice. It covers principal and interest only — property tax, homeowners insurance, mortgage insurance, and fees are not included, and rates are not looked up for you. Your lender's figures take precedence.
Formula
loan amount = home price − down payment
monthly rate r = annual rate ÷ 12 ÷ 100
payment = L × r ÷ (1 − (1 + r)^−n)
loan amount (L), number of monthly payments (n)
Worked example: A 300,000 home with 60,000 down borrows 240,000.00; at 5% over 30 years the payment is 1,288.37 a month