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.
Inputs explained
| Field | What to enter |
|---|---|
| Home value | Amount in your currency |
| Down payment | In % |
| Interest rate | In % |
| Loan term | Units: years, months |
| Interest calculation method | Choose one: Monthly (US & UK), Semi-annually (Canada) |
| Payment frequency | Choose one: Monthly, Semi-monthly, Bi-weekly, Accelerated bi-weekly … |
| First payment date | A date |
| PMI rate (yearly, if under 20% down) | In % |
| Property tax (yearly) | Amount in your currency |
| Homeowner insurance (yearly) | Amount in your currency |
| HOA 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 value | Payment |
|---|---|
| 200,000 | 1,011.31 |
| 300,000 | 1,516.96 |
| 400,000 | 2,022.62 |
| 500,000 | 2,528.27 |
| 600,000 | 3,033.93 |
| 800,000 | 4,045.24 |
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
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.
Frequently asked questions
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, by about one extra monthly payment a year.
Sources
Guides on this topic
- How Much House Can I Afford? The 28/36 Rule With a Worked Example: Work out a realistic home budget with the 28/36 rule, debt-to-income ratio, down payment, PMI and closing costs, then stress-test it against take-home pay and higher rates.
- How to Calculate a Mortgage Payment (Formula + Example): The mortgage payment formula explained step by step, with a worked example, what PITI adds on top, and how rate, term, down payment and extra payments change what you pay.