Calculate your monthly payment, total interest, and full amortisation schedule — including tax, insurance, and PMI.
| Year | Principal | Interest | Balance |
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Enter your home price, down payment percentage, loan term, and interest rate. The calculator computes your monthly principal and interest payment, then adds property tax, home insurance, and PMI (if applicable) to show your true total monthly housing cost.
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home's purchase price. It typically costs 0.5–1.5% of the loan amount per year and can be removed once you reach 20% equity.
Even a small extra payment applied to principal can save tens of thousands of dollars in interest and shave years off your mortgage. The calculator shows exactly how much you save with any extra payment amount.
In the early years of a mortgage, most of your payment goes toward interest rather than principal. The amortisation schedule above shows exactly how this shifts over time as your balance decreases.
Generally, a credit score of 740 or above qualifies you for the best mortgage rates. Scores between 620–739 still qualify for conventional loans, though at higher rates. Scores below 620 may need FHA or government-backed loan products.
A 15-year mortgage has higher monthly payments but far lower total interest and faster equity building. A 30-year mortgage has lower payments, giving more monthly cashflow flexibility. The calculator lets you compare both options side by side.
The formula is M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate (annual rate / 12), and n is the number of monthly payments.