Toolstia / Mortgage calculator
Mortgage calculator
Enter the home price, your down payment, the interest rate and the term to see your monthly payment. Add property tax, insurance and association fees for a fuller monthly cost, and try an extra monthly payment to see how much time and interest it saves.
Enter the price, rate and term. The rate must be 0 or more and the down payment under 100%.
This assumes a fixed rate. It does not include closing costs, mortgage insurance or changes in tax. Ask your lender for an official quote.
How it works
- Enter price, down payment, rate and term.
- Add tax, insurance, fees and any extra payment if you want.
- Read the monthly payment and the total interest.
The repayment
The loan is the price minus your down payment. The monthly repayment uses the standard fixed-rate formula, so each payment covers that month's interest and some principal.
Other monthly costs
Property tax is a percentage of the price per year, divided by 12. Insurance per year is divided by 12. Association fees are added as given. These make the monthly total higher than the repayment alone.
Extra payments
Paying extra each month goes straight to principal, which cuts the balance faster and reduces the interest charged later. The tool shows how many years and months you save and how much interest.
Not included
Closing costs, mortgage insurance on small down payments, rate changes and early repayment fees are not included. Ask your lender for an official quote.
Questions
Does it work for variable rates?
Only as a fixed-rate estimate. Try different rates to see the effect.
Is it right for my country?
The maths is general. Taxes, fees and rules differ by country.
Is anything uploaded?
No. Your numbers stays in your browser and is never sent anywhere.