Mortgage Calculator

Work out monthly mortgage payments in the UK, US or Canada, with total interest, loan-to-value, US taxes and insurance, and Canadian half-yearly compounding.

Reviewed by Dany, RightSums team · Updated

Runs in your browser. Free, no sign-up.

personal-finance · Daily life · UK & US & Canada

Pick the UK, US or Canada, then enter the price and deposit (or down payment), or just the loan amount if you are remortgaging or refinancing. Add the rate and the term. The calculator shows the monthly payment, total interest, total repaid and loan-to-value, with a year-by-year balance table. In the US you can add property tax, homeowners insurance, HOA fees and PMI to see the full monthly payment. In Canada interest is compounded half-yearly, as fixed-rate mortgages usually are, and the tool shows how that compares with monthly compounding and flags the minimum down payment and amortization limits. Fees, closing costs and Canadian mortgage loan insurance premiums are not included.

Accepted inputs

  • Country: UK, US or Canada
  • Property price and deposit, or loan amount
  • Interest rate (% a year)
  • Term or amortization in years and months
  • Repayment or interest-only
  • US property tax, homeowners insurance, HOA and PMI (optional)
  • Second rate to compare (optional)

Outputs

  • Monthly payment
  • Full US monthly payment (PITI plus HOA)
  • Total interest and total repaid
  • Loan-to-value
  • Canadian half-yearly versus monthly compounding
  • Year-by-year interest, capital and balance
  • Monthly difference at a second rate

How to use the Mortgage Calculator

  1. Choose the UK, US or Canada, then enter the price and deposit, or the loan amount if you are remortgaging or refinancing.
  2. Add the interest rate and the term, and pick repayment or interest-only.
  3. In the US, add property tax, homeowners insurance, HOA fees and PMI; in Canada, interest is compounded half-yearly automatically.
  4. Read the monthly payment, total interest, loan-to-value and the balance left at the end of each year.

Frequently asked questions

How much is a £200,000 mortgage a month?

A £200,000 repayment mortgage at 5% over 25 years costs £1,169.18 a month in the UK, with about £150,754 in interest over the term. The same loan in dollars at 5% over 25 years costs $1,169.18 in the US and $1,163.21 in Canada, where half-yearly compounding makes it slightly cheaper.

How do I calculate my mortgage repayments?

Monthly payment = loan × r ÷ (1 − (1 + r) to the power of −n), where n is the number of months. In the UK and US, r is the annual rate ÷ 12. In Canada, fixed rates are compounded half-yearly, so r = (1 + rate ÷ 2) to the power of 1/6, minus 1. At 0% the loan is simply divided by the months.

What is included in a US monthly mortgage payment?

Usually principal, interest, property tax and homeowners insurance (PITI), plus mortgage insurance such as PMI if your lender requires it, and HOA fees if you have them. A $300,000 loan at 6.5% over 30 years is $1,896.20 in principal and interest; add $4,800 tax and $1,800 insurance a year and it becomes $2,446.20.

Why are Canadian mortgage payments calculated differently?

The Interest Act requires a mortgage to state its rate calculated yearly or half-yearly, not in advance, and fixed rates are normally compounded half-yearly. A $400,000 mortgage at 5% over 25 years costs $2,326.42 a month, about $11.94 less than with monthly compounding, saving roughly $3,582 in interest.

How much would I save by remortgaging to a lower rate?

Moving £200,000 with 25 years left from 5% to 4% cuts the UK payment from £1,169.18 to £1,055.67, a saving of £113.51 a month and about £34,052 in interest over the term. Take off any arrangement fee, early repayment charge or, in the US and Canada, closing costs and prepayment penalties first.

Sources

The rates and rules in this tool come from:

Guides that use this tool

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