Estimate your full monthly payment — principal, interest, taxes, and insurance — in seconds
In plain terms: it tells you the real amount a home will cost you each month — not just loan repayment, but property taxes, insurance, and HOA dues rolled into one number (called PITI). Enter a home price, your down payment, the loan term, and an interest rate, then read the single monthly figure that would actually leave your bank account. Choose Canada as the country to use Canadian half-yearly compounding. Everything runs in your browser — nothing you type is uploaded or stored.
Accelerated every two weeks means you pay half of the monthly payment every two weeks. That is 26 half-payments a year, the same as 13 monthly payments instead of 12, so the mortgage ends sooner.
With payments every two weeks, the same yearly amount is added in 26 equal parts.
Principal and interest only. Each row shows what you pay, how much of it reduces the loan, how much is interest, and what you still owe afterward.
Mortgage calculator results show your full monthly payment — principal, interest, property taxes, and insurance — in seconds, so you can budget a home purchase with confidence. Instead of guessing what a house will cost each month, you enter a home price, down payment, loan term, and interest rate, and instantly see the number that actually leaves your bank account. That clarity is the difference between shopping for homes at the top of your comfort zone and stretching into a payment that quietly strains your budget for the next thirty years.
Buying a home is the largest financial commitment most people ever make, and the sticker price only tells part of the story. Two houses with the same list price can carry very different monthly costs once you factor in property tax rates, insurance premiums, and homeowners association dues. A good mortgage calculator brings all of those pieces together into a single, honest number so you can compare properties fairly and know your limits before you fall in love with a listing.
The core of every mortgage payment is the principal and interest, and it is calculated with a formula called amortization. In plain English, amortization spreads your loan out into equal monthly payments so that the loan is fully paid off by the end of the term. Early on, most of each payment goes toward interest because the balance is large. As the balance shrinks, more of each payment goes toward principal, which is why your equity builds slowly at first and accelerates in later years.
The formula the calculator uses is M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). Here P is your loan amount (home price minus down payment), r is your monthly interest rate (the annual rate divided by twelve), and n is the total number of monthly payments (the term in years multiplied by twelve). If the interest rate is zero, the math simplifies to the loan amount divided by the number of payments. This is exactly the same math lenders use, which is why the principal and interest figure you see here matches what a loan officer would quote for the same inputs.
Canadian mortgages work out interest differently. Section 6 of Canada's Interest Act requires a mortgage with blended payments to state its interest rate calculated yearly or half-yearly, not in advance. When you choose Canada as the country, this calculator treats the rate you enter as calculated half-yearly (compounded twice a year) and turns it into a monthly rate with r = (1 + annual rate ÷ 2)1/6 − 1. A US-style monthly formula would give a Canadian borrower a slightly higher payment than the real one.
| $320,000 at 6.5% | US (monthly compounding) | Canada (half-yearly compounding) |
|---|---|---|
| 30 years | $2,022.62 a month | $2,004.49 a month |
| 25 years | $2,160.66 a month | $2,143.44 a month |
Canada mode also changes two other things. The list of lengths includes 25 years, the longest amortization for most insured mortgages in Canada; since December 15, 2024, first-time buyers and buyers of new builds can get a 30-year insured mortgage (Department of Finance Canada). And instead of US private mortgage insurance, the summary explains mortgage default insurance: if your down payment is less than 20% of the price, you will typically need mortgage loan insurance. The minimum down payment is 5% for a home of $500,000 or less, and 5% of the first $500,000 plus 10% of the rest for a home up to $1.5 million (Financial Consumer Agency of Canada). The calculator does not add the insurance premium to the payment.
A complete mortgage payment is often summarized by the acronym PITI: Principal, Interest, Taxes, and Insurance. Understanding each piece helps you see where your money goes and why two similar loans can feel very different month to month.
This calculator adds all of these together so the headline number reflects your true monthly obligation, not just the loan portion. That is important because a payment that looks affordable on principal and interest alone can become a stretch once taxes, insurance, and HOA fees are stacked on top.
Getting a number is only useful if you know what to do with it. Here is what each line of your result is telling you and the decision it should inform:
When you run the numbers, the calculator also shows a short plain-language summary beneath your results that translates your specific inputs — down payment percentage, likely PMI, and the income a lender would want to see — into what they mean for you.
Suppose Maria is buying a $400,000 home. She has saved $80,000 for a down payment, wants a 30-year fixed loan, and has been quoted a 6.5% interest rate. Her county property tax runs about $4,800 a year, homeowners insurance is roughly $1,500 a year, and there are no HOA dues.
If Maria were buying in Canada with the same $320,000 loan at 6.5% over 30 years, Canada mode would show principal and interest of $2,004.49 a month instead of $2,022.62, because Canadian rates are calculated half-yearly.
Reading that result: to keep the $2,548 payment at 28% of gross income, Maria would want to earn roughly $9,100 a month, or about $109,000 a year. Over the full 30 years she would pay around $408,000 in interest — more than the amount she borrowed — which is exactly why the next section on loan terms and extra payments matters so much.
The length of your loan is one of the most powerful levers you control. A shorter term means higher monthly payments but far less interest over the life of the loan, while a longer term keeps payments low but costs much more in total. The table below illustrates the tradeoff using a $320,000 loan at an illustrative 6.5% interest rate with US monthly compounding. These figures are examples for comparison, not quotes.
| Loan Term | Est. Monthly P&I | Est. Total Interest | Best For |
|---|---|---|---|
| 15 years | ~$2,787 | ~$181,700 | Buyers who can afford higher payments and want to be debt-free fast |
| 20 years | ~$2,386 | ~$252,600 | A middle path between payment size and total interest |
| 25 years | ~$2,161 | ~$328,200 | The longest amortization for most insured mortgages in Canada |
| 30 years | ~$2,023 | ~$408,200 | Buyers prioritizing low monthly payments and cash flow |
The pattern is clear: moving from a 30-year to a 15-year term roughly raises the monthly payment but can cut total interest by more than half. Many buyers choose a 30-year loan for the lower required payment, then make extra principal payments when they can — capturing much of the interest savings of a shorter term while keeping the flexibility of a lower minimum payment.
Your interest rate has an outsized effect on the total cost of your home because it compounds across hundreds of payments. On a $320,000 loan over 30 years, moving from 6.0% to 7.0% raises the monthly principal and interest payment by roughly $210 and adds tens of thousands of dollars in interest over the life of the loan. A rate difference that looks small on paper translates into real money that could otherwise go toward retirement, education, or simply staying in your budget.
This is why it pays to shop multiple lenders and to strengthen your financial profile before applying. A higher credit score, a lower debt-to-income ratio, and a larger down payment can all earn you a better rate. Because rates change with market conditions, running the calculator at a few different rates helps you understand how sensitive your payment is and how much a rate improvement is actually worth to you.
The amortization schedule under your results shows every payment. For each year, or each month if you switch the view, it shows what you paid, how much of it reduced the loan (principal), how much was interest, and the balance you still owe. Early on, most of each payment is interest; later, most of it is principal. The Total row adds up to the Total of Payments and Total Interest Paid in your results.
Extra payments go straight to the principal, so less interest builds up afterward and the loan ends sooner. You can add an extra amount each month, a one-time lump sum in a month you choose, or both. The calculator then shows how much sooner the loan is paid off and how much interest you save, compared with monthly payments and no extra payments.
You can also choose how often you pay. Every two weeks means 26 payments a year, each equal to the monthly payment × 12 ÷ 26, so you pay about the same amount over a year. Accelerated every two weeks means half of the monthly payment every two weeks: 26 half-payments, the same as 13 monthly payments a year instead of 12. That extra payment each year goes to principal, so the mortgage ends years sooner.
Worked example: a $320,000 US mortgage at 6.5% over 30 years has a monthly principal and interest payment of $2,022.62. In month 1, $1,733.33 of it is interest ($320,000 × 6.5% ÷ 12) and $289.29 is principal. Over 30 years the interest adds up to $408,142.
Before you pay extra, check your mortgage contract. Some mortgages limit how much extra you can pay each year or charge a prepayment penalty.
A fixed-rate mortgage keeps the same interest rate and the same principal and interest payment for the entire term. The predictability makes budgeting easy: your core payment will not change whether rates rise or fall in the broader market. This is the most popular choice for buyers who plan to stay in their home for many years and value stability above all.
An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an introductory period — commonly five, seven, or ten years — and then adjusts periodically based on a market index. ARMs can save money if you expect to move or refinance before the fixed period ends, but they carry the risk that your payment rises when the rate resets. Because this calculator models a fixed payment, it is best suited to fixed-rate loans or to estimating the initial fixed period of an ARM.
A widely used guideline for affordability is the 28/36 rule. The first number says your total monthly housing payment — the full PITI figure this calculator produces — should stay at or below 28% of your gross monthly income. The second number says your total monthly debt payments, including the mortgage plus car loans, student loans, and credit card minimums, should stay at or below 36% of gross income.
For example, a household earning $8,000 per month gross would aim to keep housing at about $2,240 and total debt payments at about $2,880. These are guidelines rather than hard rules, and lenders may approve you for more, but staying within them leaves room in your budget for savings, maintenance, and the unexpected. Use the calculator to work backward: adjust the home price and down payment until the monthly payment lands inside your target range.
Once you have a payment estimate, use it to make a decision rather than just to satisfy curiosity. Which path fits depends on how the number compares to your budget:
To get the most from this tool, enter realistic numbers for your situation. Look up the actual property tax rate for the area you are shopping in, since rates vary widely by state and county and can dramatically change your monthly payment. Get a rough insurance quote for the type and location of home you want. If a property has HOA dues, include them — they are a real monthly cost even though they are not part of the loan. Then experiment: change the down payment, term, and rate to see how each lever moves your payment and your total interest. The goal is not a single perfect answer but a clear feel for the tradeoffs so you can make a confident, well-informed decision.
A quick reference for the terms you will meet when comparing loans:
The principal-and-interest figure uses the standard fixed-rate amortization formula, M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). In Canada mode, r = (1 + annual rate ÷ 2)1/6 − 1, because the Interest Act requires mortgage rates to be stated yearly or half-yearly, not in advance, and this calculator uses half-yearly. When the rate is zero, the payment is simply the loan amount divided by the number of payments. The amortization schedule applies the rate to the balance each payment period. For payments every two weeks, it uses 26 payments a year at the rate that equals the monthly rate over a full year (monthly compounding in US mode, half-yearly in Canada mode); the regular payment is the monthly payment × 12 ÷ 26 and the accelerated payment is the monthly payment ÷ 2. Extra monthly amounts are split into 26 equal parts, and a lump sum is paid with the first payment in the month you choose. Property tax, insurance, and HOA inputs are divided to a monthly figure and added to produce PITI. The calculator does not add PMI, loan fees, or escrow adjustments to the payment, so real-world quotes may run slightly higher; the on-screen summary flags when PMI is likely. All math runs in your browser and no inputs are stored or transmitted.
Formula and guidance last reviewed October 2026. Mortgage rates, tax rates, and insurance premiums change frequently — verify current figures with a lender before making a decision. This tool is for planning and education, not financial advice.
Planning the whole picture? These free, private calculators pair naturally with your mortgage math:
Your principal and interest payment is calculated with the standard amortization formula M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments (years multiplied by 12). This calculator then adds monthly property taxes, home insurance, and HOA dues to that figure to produce your full PITI payment. The result is an estimate based on the numbers you enter, not a lending quote.
PITI stands for Principal, Interest, Taxes, and Insurance — the four core components of most monthly mortgage payments. Principal and interest repay the loan itself, property taxes are collected by your lender and paid to the local government, and insurance covers homeowners coverage (and sometimes PMI). Lenders often collect taxes and insurance in an escrow account, so PITI reflects the true amount you send each month, not just the loan portion.
In the US, a conventional loan typically expects around 20% down to avoid private mortgage insurance, but many programs allow much less. FHA loans can require as little as 3.5%, some conventional programs such as Fannie Mae's HomeReady go down to 3%, and VA and USDA loans can offer 0% down for eligible buyers. In Canada, the minimum is 5% for a home of $500,000 or less, and 5% of the first $500,000 plus 10% of the rest for a home up to $1.5 million. A larger down payment lowers your loan amount and monthly payment, while a smaller one lets you buy sooner with higher long-term costs.
Private mortgage insurance (PMI) is a fee lenders charge on US conventional loans when your down payment is less than 20% of the home price. It protects the lender, not you, if you default, and it is added to your monthly payment. Under the Homeowners Protection Act, you can ask your servicer to cancel PMI when your balance is scheduled to fall to 80% of the home's original value, and it must end automatically when your balance is scheduled to reach 78%, as long as you are current on your payments. In Canada, mortgage default insurance plays a similar role when your down payment is under 20%.
Section 6 of Canada's Interest Act requires a mortgage with blended payments to state its interest rate calculated yearly or half-yearly, not in advance. When you choose Canada as the country, this calculator treats your rate as calculated half-yearly, which gives a slightly lower monthly payment than the US monthly formula. For a $320,000 loan at 6.5% over 30 years, the US payment is $2,022.62 a month and the Canadian payment is $2,004.49. If your down payment is under 20%, you will typically also need mortgage loan insurance, which this calculator does not add.
A 15-year mortgage has higher monthly payments but a lower interest rate and dramatically less total interest, because you repay the balance in half the time. A 30-year mortgage spreads payments out for a lower, more affordable monthly amount but costs far more in interest over the life of the loan. Choose 15 years if you can comfortably afford the higher payment and want to be debt-free faster; choose 30 years if you prioritize monthly cash flow and flexibility.
Even small changes in your interest rate have a large impact over 15 to 30 years. A single percentage point increase on a $300,000 loan can raise the monthly payment by roughly $150–$200 and add tens of thousands of dollars in total interest. Because interest compounds across hundreds of payments, shopping multiple lenders and improving your credit score to secure a lower rate is one of the most effective ways to reduce the lifetime cost of a home.
Yes. Making extra payments toward principal shortens your loan term and reduces total interest, because every additional dollar applied to principal is money that stops accruing interest for the rest of the loan. Common strategies include adding a fixed amount to each monthly payment, making one extra payment per year, or switching to biweekly payments. Check that your loan has no prepayment penalty and confirm with your servicer that extra funds are applied to principal.
It depends on the amount, your rate and how early you start. On a $320,000 US mortgage at 6.5% over 30 years, paying an extra $200 each month ends the loan in 23 years 5 months instead of 30 years and saves about $105,429 in interest. Enter an extra monthly amount in the calculator to see the months saved, the interest saved and the new schedule. Before you pay extra, check your mortgage contract for any limit on extra payments or any prepayment penalty.
Yes. A one-time lump sum goes straight to the balance, so every later payment pays off more principal and the loan ends sooner. On the same $320,000 mortgage at 6.5% over 30 years, a $10,000 lump sum paid in month 12 ends the loan in 27 years 7 months, 2 years 5 months sooner, and saves about $50,537 in interest. The earlier you pay a lump sum, the more it saves.
This calculator uses the same standard amortization formula lenders use, so the principal and interest figure is mathematically accurate for the inputs you provide. However, your actual payment can differ based on your exact interest rate, PMI, escrow adjustments, loan fees, and local tax rates. Use the results as a reliable planning estimate, then confirm final numbers with a loan officer or an official loan estimate before making a purchase decision.
Use it to make a decision, not just to satisfy curiosity. Compare the PITI figure to your budget using the 28% guideline (housing at or below 28% of gross monthly income). If it fits comfortably, test a shorter term to save on interest; if it is tight, increase your down payment, shop for a lower rate, or look at lower-priced homes and watch the payment drop. Then add the payment to a full monthly budget with a buffer for maintenance before making an offer.
An escrow account is held by your lender to collect and pay your property taxes and homeowners insurance on your behalf. Rather than paying those bills in large lump sums, a portion is added to your monthly mortgage payment and set aside, which is why the taxes and insurance you enter here are divided into monthly amounts. Your lender reviews the account each year and may adjust the monthly amount if tax or insurance costs change.
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