Mortgage Calculator
Mortgage payment with taxes, insurance, PMI and HOA (US) or fixed-rate deals (UK), plus extra payments and a full schedule.
By Syed Mubashir Ali · Last updated
Estimates only — not financial advice. Figures are calculated in your browser from the rates shown and may differ from your bank, lender or tax authority. Check important numbers before acting on them.
How to Use Mortgage Calculator
- 1Choose where the home is: United States, United Kingdom or elsewhere. The fields and wording change to match how mortgages work there.
- 2Enter the home price and your down payment (deposit). The quick buttons set 5%, 10% or 20% down.
- 3Enter the interest rate and pick the term. In the US, add property tax, home insurance, HOA dues and the PMI rate; in the UK, choose repayment or interest-only and a fixed-rate period with the rate it reverts to.
- 4Open 'Extra payments' to see how much interest and time you save with an extra monthly amount, a yearly extra (a bonus, say), any number of one-off lump sums on the dates you choose, or biweekly payments. In the US you can also have tax, insurance and HOA rise each year.
- 5Read your monthly payment and its breakdown, the payoff date, the balance chart and the month-by-month or year-by-year amortization schedule. Copy or share the result.
Frequently Asked Questions
How much is the monthly payment on a $400,000 house?
With 20% down ($80,000), a $320,000 loan at 6.5% over 30 years costs $2,022.62 a month in principal and interest. Adding property tax at 1% ($4,000 a year) and home insurance of $1,800 a year brings the full monthly payment (PITI) to about $2,506.
What is PITI?
Principal, interest, taxes and insurance: the four parts of a typical US mortgage payment. Lenders usually collect the property tax and insurance monthly into an escrow account and pay the bills for you. The calculator adds HOA dues and PMI when they apply.
When does PMI stop?
On a conventional US loan, private mortgage insurance is charged while you owe more than 80% of the home's original value. You can ask your lender to cancel it once the balance reaches 80%, and it must end automatically at 78% under the Homeowners Protection Act. With 10% down on a $400,000 home at 6.5%, PMI of 0.5% a year ($150 a month) runs for 8 years and costs about $14,250 in total.
How much do extra payments save?
More than most people expect, because every extra dollar stops being charged interest. Paying $200 a month extra on a $320,000, 30-year loan at 6.5% saves about $105,000 in interest and pays it off 6 years and 7 months early. In the UK, overpaying £200 a month on a £270,000, 25-year mortgage at 4.5% saves about £39,000 and nearly 5 years.
Do biweekly payments save money?
Yes, because 26 half-payments a year add up to 13 monthly payments instead of 12, and the extra one goes straight off the balance. On a $320,000, 30-year loan at 6.5%, paying $1,011.31 every two weeks instead of $2,022.62 a month saves about $93,000 in interest and pays the loan off 5 years and 10 months early. Some lenders charge to set up a biweekly plan; paying one-twelfth extra each month gets the same result for free.
15-year or 30-year mortgage?
A 15-year loan has a higher payment but costs far less overall: on $320,000 at 6.5%, the payment rises from $2,023 to $2,788 a month, while total interest falls from about $408,000 to $182,000. A 30-year loan with extra payments when you can afford them keeps the lower required payment as a safety net.
What happens when my UK fixed rate ends?
The loan moves to the lender's standard variable rate (SVR), which is usually much higher, unless you remortgage to a new deal. On a £270,000, 25-year mortgage, a 5-year fix at 4.5% costs £1,500.75 a month; if it then reverted to 7%, the payment would rise to about £1,839. Enter the revert rate to see your own figure.
How does the interest rate affect my payment?
On a $300,000, 30-year loan, going from 6% to 7% raises the payment from $1,798.65 to $1,995.91 a month (about $197) and adds roughly $71,000 in interest over the life of the loan.
About Mortgage Calculator
This mortgage calculator works out the full cost of a home loan the way lenders present it in the US and the UK. For a US home it builds the complete monthly payment (principal and interest, property tax, homeowners insurance, HOA dues and private mortgage insurance) and shows the month PMI drops off. For a UK property it handles repayment and interest-only mortgages and fixed-rate deals that revert to the lender's standard variable rate, so you can see the payment jump if you don't remortgage.
Extra payments and overpayments are where a calculator earns its keep: add a monthly extra or a one-off lump sum and it shows the interest saved, the new payoff date and a chart comparing your balance with and without them. The amortization schedule breaks every month or year into principal, interest, PMI and extra payments, and every figure can be copied or shared as a link.
The maths is the standard repayment formula used by lenders, checked against published payment figures. Results are estimates for planning: your lender's offer depends on your credit score, fees and local rules, and in the UK it doesn't include Stamp Duty or arrangement fees.