Mortgage & financing
Mortgage Payment Calculator
Estimate principal and interest, then include optional taxes, insurance and association costs for a fuller monthly housing estimate.
Calculate your result
What this calculator estimates
Estimate payments, interest and amortization. It combines the inputs below to produce Monthly principal and interest. Every assumption remains editable so the estimate can reflect the property, financing and location being evaluated.
Worked example
Using the displayed sample assumptions, the calculator produces $2,890. This is an illustration, not a market quote. Change one input at a time to understand what drives the result.
Inputs and assumptions
- Home price — sample input: 650000 currency units
- Down payment — sample input: 130000 currency units
- Annual interest rate — sample input: 4.5 %
- Amortization — sample input: 25 years
- Monthly property tax — optional — sample input: 0 currency units
- Monthly home insurance — optional — sample input: 0 currency units
- Monthly mortgage insurance or PMI — optional — sample input: 0 currency units
- Monthly HOA, condo or strata fees — optional — sample input: 0 currency units
- Extra monthly principal — optional — sample input: 0 currency units
- Extra principal at each year end — optional — sample input: 0 currency units
How to interpret the result
Compare the payment with your total housing budget, not income alone. Compare a conservative case with an expected case and keep a record of the assumptions used.
Common mistake to avoid
Avoid assuming the lowest advertised rate applies to every borrower. Local definitions, taxes, lending practices and measurement requirements can materially change the result.
Frequently asked questions
What information do I need?
Enter the property price, down payment, annual interest rate and amortization period. Optional fields add property tax, home insurance, mortgage insurance or PMI, and HOA, condo or strata fees to the total monthly housing estimate.
What does the main payment include?
The main result is monthly mortgage principal and interest. The result details show a fuller monthly housing estimate after adding the optional costs you enter. Utilities and maintenance remain separate.
Calculation details
Monthly principal and interest uses the level-payment loan formula. U.S. periodic rate = annual nominal rate ÷ 12; Canadian periodic rate = (1 + annual nominal rate ÷ 2)^(1/6) − 1. Extra principal is applied monthly and at each year end. Interest uses the opening balance; the final payment is capped at the amount owed. Taxes, insurance and association fees do not reduce the loan.
Results included
- Monthly principal and interest
- Estimated total monthly housing cost
- Mortgage amount
- Monthly taxes, insurance and fees
- Total principal and interest payments
- Estimated interest over amortization
- Planned monthly loan payment including extra
- Actual payoff time
- Interest with extra payments
- Interest saved against no-extra schedule
- Annual equivalent
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Reviewed 2026-09-08.