Mortgage payment calculator
Enter three numbers and see your monthly principal-and-interest payment instantly.
This is the core calculation behind every mortgage. Taxes and insurance are added separately by your lender, but principal and interest is the number that drives affordability.
Calculate my payment
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How to use the result
Add roughly 1 to 1.5 percent of the home's value per year for property taxes and insurance to estimate your true monthly housing cost. If that total exceeds about a third of your gross income, consider a larger down payment, a longer amortization, or a lower price.
Frequently asked questions
What does this calculator include?
It calculates principal and interest, the core of your payment. Property taxes, home insurance and mortgage insurance are extra and vary by location and lender.
What amortization period should I use?
25 years is the Canadian norm and 30 years the US norm. A shorter amortization raises the payment but cuts total interest sharply.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. Early payments are mostly interest; the principal portion grows over time.
How can I lower my payment?
A lower rate, a longer amortization, or a larger down payment all reduce the monthly payment. Only a lower rate or larger down payment also reduces total interest.
Is the calculation exact?
It uses the standard amortization formula and is accurate for principal and interest. Your lender's figure may differ slightly due to rounding, payment frequency and added costs.