# Mortgage Calculator

URL: https://speedycalculator.com/calculators/finance/mortgage/
Last updated: 2026-10-25

> The mortgage calculator works out your mortgage payment for any payment frequency – monthly, bi-weekly, weekly or accelerated – with US or Canadian compounding, plus PMI, property tax, insurance and HOA fees, the total cost and the payoff date.

## Inputs

- Home value
- Down payment (%)
- Interest rate (%)
- Loan term (years, months)
- Interest calculation method
- Payment frequency
- First payment date
- PMI rate (yearly, if under 20% down) (%)
- Property tax (yearly)
- Homeowner insurance (yearly)
- HOA fee (monthly)

## Results

- Loan amount
- Payment
- Number of payments
- Total interest
- Total of mortgage payments
- Payoff date
- PMI per month
- Months of PMI
- Total PMI
- Total monthly housing cost (first year)
- Total payment with all costs (over the loan)

## Formula

```
Loan = home value − down payment
Payment = L × i ÷ (1 − (1 + i)^−n), i = rate per payment period (Canada: semi-annual compounding)
Accelerated bi-weekly = monthly payment ÷ 2, every two weeks
PMI applies until the loan falls to 78% of the home value
```

## Explanation

Your monthly housing cost is more than principal and interest: property tax, homeowner's insurance, PMI (with less than 20% down) and HOA dues often add 30–50%. Accelerated payments shorten the loan by years.

### How to use the Mortgage Calculator

- **Home value**
- **Down payment**
- **Interest rate**
- **Loan term**
- **Interest calculation method**
- **Payment frequency**
- **First payment date**
- **PMI rate (yearly, if under 20% down)**
- **Property tax (yearly)**
- **Homeowner insurance (yearly)**
- **HOA fee (monthly)**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the home value, down payment, interest rate, term, compounding method and payment frequency, then PMI rate, property tax, insurance and HOA fees.

### Tips

- Get a written loan estimate and compare the APR, not just the interest rate.
- Include property tax, insurance, HOA fees and maintenance in your monthly budget.
- A larger down payment lowers the payment and can remove mortgage insurance.
- Rates change daily – use a current quote for the most accurate result.

### Common mistakes to avoid

- Looking only at the monthly payment instead of the total cost of the loan.
- Forgetting closing costs and fees.
- Assuming home prices always rise.

### Inputs explained

FieldWhat to enterHome valueAmount in your currencyDown paymentIn %Interest rateIn %Loan termUnits: years, monthsInterest calculation methodChoose one: Monthly (US & UK), Semi-annually (Canada)Payment frequencyChoose one: Monthly, Semi-monthly, Bi-weekly, Accelerated bi-weekly …First payment dateA datePMI rate (yearly, if under 20% down)In %Property tax (yearly)Amount in your currencyHomeowner insurance (yearly)Amount in your currencyHOA fee (monthly)Amount in your currency

### What each result means

- **Loan amount** = [Home value]×(1 - [Down payment]÷100)
- **Total interest** = [Payment]×[Number of payments] - [Loan amount]
- **Total of mortgage payments** = [Payment]×[Number of payments]
- **Total PMI** = [PMI per month]×[Months of PMI]
- **Total monthly housing cost (first year)** = [Regular monthly payment] + [PMI per month] + [Property tax (yearly)]÷12 + [Homeowner insurance (yearly)]÷12 + [HOA fee (monthly)]

### Example values

How the main result changes when **Home value** changes and everything else stays at the example values above:

Home valuePayment200,0001,011.31300,0001,516.96400,0002,022.62500,0002,528.27600,0003,033.93800,0004,045.24

## Worked example

Inputs — Home value: $400,000; Down payment: 20 %; Interest rate: 6.5 %; Loan term: 30 years; Interest calculation method: Monthly (US & UK); Payment frequency: Monthly; First payment date: 2026-11-24; PMI rate (yearly, if under 20% down): 0.5 %; Property tax (yearly): $4,800; Homeowner insurance (yearly): $1,800; HOA fee (monthly): $0.

Results — Loan amount = $320,000.00; **Payment = $2,022.62**; Number of payments = 360; Total interest = $408,142.36; Total of mortgage payments = $728,142.36; Payoff date = Tue, October 24, 2056; PMI per month = $0.00; Months of PMI = 0; Total PMI = $0.00; Total monthly housing cost (first year) = $2,572.62; Total payment with all costs (over the loan) = $926,142.36.

## FAQ

**How is a mortgage payment calculated?**
With the amortization formula: P × i ÷ (1 − (1 + i)^−n).

**How much house payment can I afford?**
Many lenders cap housing costs at 28% of gross income.

**Do bi-weekly payments save money?**
Accelerated bi-weekly payments do – about one extra monthly payment a year.

**What formula does the Mortgage Calculator use?**
Loan = home value − down payment.


## Sources

- [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/)