Mortgage Calculator
Mortgage Calculator
Calculate your monthly mortgage payments including principal, interest, and the impact of your down payment. See how much home you can afford.
Formula Used
Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P = loan amount (home price minus down payment), r = monthly interest rate, n = total months.
About This Calculator
What It Does
Calculate your monthly mortgage payment based on the home price, your down payment, the loan term, and the interest rate. See the loan amount, total interest, and total repayment over the life of the loan.
Worked Example
A 200,000 € home with 40,000 € (20%) down payment leaves a 160,000 € loan. Over 30 years at 3.5%: monthly payment ≈ 718.47 €. Total interest ≈ 98,649 €. Total repayment ≈ 258,649 €.
Real-World Usage
Home buyers use this to estimate what they can afford, compare fixed vs variable rates, and see how a larger down payment reduces monthly costs. Real estate agents use it to show clients payment scenarios.
Local Context
Mortgage markets differ by country: US 30-year fixed rates are standard with FHA/VA programs. EU variable rates tied to EURIBOR are common. UK 2-5 year fixed terms are typical. Consider property taxes, insurance, and closing costs beyond the down payment.
Last reviewed: May 2026.
This is an estimate only and does not constitute a loan offer or commitment. Actual rates, terms, and payments depend on lender policies, credit score, property location, and other factors.
Frequently Asked Questions
How much down payment do I need?
Conventional loans often require 20% down to avoid Private Mortgage Insurance (PMI). FHA loans may accept as little as 3.5%. A larger down payment reduces your loan amount and monthly payment.
What is PMI?
Private Mortgage Insurance protects the lender if you default on a loan with a down payment below 20%. PMI typically costs 0.5–1% of the loan amount per year and is added to your monthly payment.
How does a 15-year mortgage compare to a 30-year?
A 15-year mortgage has higher monthly payments but typically offers a lower interest rate and dramatically less total interest paid over the life of the loan.