Home Price ($)
Down Payment (%)
Annual Interest Rate (%)
Loan Term
Annual Property Tax ($)
Annual Insurance ($)
Result with amortisation (click to copy)
Frequently Asked Questions
What is a mortgage?
A mortgage is a loan secured by real property. The lender provides funds to purchase a home, and the borrower repays with interest over a set term (typically 15–30 years). The property serves as collateral — if payments stop, the lender can foreclose.
What is included in a monthly mortgage payment?
A full monthly payment (PITI) includes: Principal (reduces your loan balance), Interest (cost of borrowing), Tax (property tax escrowed monthly), and Insurance (homeowner's insurance). This calculator includes all four components.
What is amortisation?
Amortisation is the process of paying off a loan through regular payments. Early payments are mostly interest; later payments are mostly principal. This calculator shows the first and last months of your amortisation schedule so you can see how the balance changes over time.
Should I choose 15 or 30 years?
A 15-year mortgage has higher monthly payments but significantly less total interest — often 40–50% less. A 30-year has lower payments but costs more overall. The 30-year is popular because lower payments provide more monthly flexibility. Compare both in this calculator.
What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It protects the lender if you default. PMI typically costs 0.5–1.5% of the loan amount annually. It can be cancelled once you have 20% equity in the home.