Calculator
Mortgage Calculator
ℹ️ Financial disclaimer: This tool provides estimates only. Consult a licensed mortgage professional for actual rates and terms.
Loan setup
Select market and repayment method before adjusting numbers.
Country selection applies local defaults, taxes, and loan conventions.
Input values
Tune home price, down payment, rate, and term.
0
Use the expected purchase price as your baseline.
Higher down payment lowers LTV and potential insurance costs.
0
Enter your expected nominal annual mortgage rate.
30.0 years
Longer term lowers monthly payment but increases total interest.
PMT = P × r(1+r)ⁿ / ((1+r)ⁿ−1) · Canada: semi-annual compounding converted to effective monthly rate
Frequently Asked Questions
What does the mortgage calculator compute?
It calculates your monthly payment using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly interest rate, and n is the number of payments. It also shows total interest paid over the loan term.
What is the difference between principal and interest?
Principal is the original loan amount. Interest is the cost of borrowing — a percentage charged on the remaining balance. Early payments are mostly interest; as the loan matures, a larger share goes to principal. This process is called amortization.
Does the calculation include taxes and insurance?
No. This tool calculates principal and interest (P&I) only. Your actual monthly housing cost typically also includes property taxes, homeowner's insurance, and possibly PMI (private mortgage insurance) if your down payment is below 20%.