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Mortgage Calculator

Calculate monthly mortgage payment, total interest, and amortization schedule for home loans worldwide.

Home Loan Details

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About This Calculator

This mortgage calculator computes your monthly payment, total interest, and overall cost for home loans worldwide. It works for US 30-year fixed mortgages, UK repayment mortgages, Canadian mortgages, and home loans in any country with similar structures.

How to Use This Calculator

  1. 1Enter the home purchase price
  2. 2Enter your down payment percentage (typically 10-20%)
  3. 3Enter the annual mortgage interest rate
  4. 4Enter the loan term in years (commonly 15 or 30 years)
  5. 5Click Calculate to see monthly payment and full cost

Formula Used

Monthly = Loan × [r(1+r)^n] / [(1+r)^n − 1]

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FAQ

Frequently Asked Questions

Common questions about the mortgage calculator answered.

What is a good mortgage interest rate?+
Mortgage rates vary by country and economic conditions. In the USA, rates typically range from 5 to 8 percent for a 30-year fixed mortgage. UK rates range from 4 to 6 percent. In India, home loan rates are typically 8 to 10 percent. Always compare offers from multiple lenders as even 0.25 percent can save thousands over the loan term.
Should I choose a 15-year or 30-year mortgage?+
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower monthly payments giving more cash flow flexibility. For example, a $300,000 loan at 7% over 30 years costs $418,000 in interest. The same loan over 15 years costs only $186,000 in interest, saving $232,000.
How much down payment do I need?+
Most conventional loans require 5 to 20 percent down. In the USA, putting less than 20 percent typically requires Private Mortgage Insurance (PMI). In India, banks typically finance 75 to 90 percent of property value. A larger down payment reduces your monthly EMI and total interest paid significantly.
What other costs should I budget for beyond the mortgage?+
Beyond the monthly mortgage, budget for property taxes (1 to 2 percent annually in USA), homeowner's insurance, maintenance (1 percent of value annually), HOA fees if applicable, and closing costs (2 to 5 percent of loan amount). These can add 30 to 50 percent on top of your mortgage payment in total housing costs.

Mortgage Calculator for US Home Buyers

The average US home price is approximately $400,000. With a 20% down payment of $80,000 and a 30-year mortgage at 7% on the remaining $320,000, your monthly payment would be approximately $2,129. Over 30 years, you will pay $446,440 in total, including $126,440 in interest. Use this calculator to find the loan amount and term that fits your budget.

  • Calculate payments for different down payment scenarios
  • Compare 15-year vs 30-year mortgage costs
  • Find your maximum affordable home price
  • Estimate total interest over the loan lifetime

Mortgage Rates Worldwide

Mortgage interest rates vary significantly by country. The USA typically has fixed 30-year rates at 5 to 8 percent. Canada offers 5-year fixed terms at 4 to 7 percent. UK mortgage rates range from 4 to 6 percent. Australia has variable rates from 5 to 7 percent. India has home loan rates of 8 to 10 percent. This calculator works for all countries — simply enter your local interest rate and currency values.

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