Mortgage Calculator
Estimate the real monthly cost of a home, not just the loan repayment. Enter the price, your down payment, the interest rate and the term, then add annual property tax and home insurance to see the full monthly figure lenders call PITI.
The amortisation schedule shows how the balance falls year by year, and how much of the payment is still going to interest at each stage.
How to use the mortgage calculator
Enter the home price, down payment, rate and term.
Add your annual property tax and home insurance.
Review the estimated monthly payment and the amortisation schedule.
Why use the Convert Now mortgage calculator
Full PITI estimate
Principal, interest, property tax and insurance in one monthly figure.
Down payment modelling
See instantly what a larger deposit saves you over the term.
Amortisation schedule
Year-by-year breakdown of interest, principal and balance.
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No account and nothing uploaded.
What actually makes up a mortgage payment
Lenders talk about PITI: principal, interest, taxes and insurance. The first two repay the loan; the last two are usually collected monthly and held in escrow to be paid annually on your behalf. Buyers who budget only for principal and interest are often surprised by a payment 20–30% higher than they expected, which is why this calculator asks for tax and insurance separately and shows both parts of the total.
How the down payment changes everything
A larger down payment reduces the amount borrowed, and because interest compounds over decades, the saving is much larger than the extra cash you put in. It can also move you into a better interest rate band and, in many markets, past the threshold where mortgage insurance is required. Try adjusting the down payment field and watch the total interest figure – the effect is usually more dramatic than shaving a fraction off the rate.
Term length: the real trade-off
A 30-year mortgage has a comfortable monthly payment and a very large total interest bill. A 15-year mortgage costs noticeably more each month but can halve the total interest. Neither is automatically right: the shorter term wins financially, the longer term leaves more monthly headroom for emergencies and investing. Run both in the calculator and compare the total interest line before deciding.
Read the guide: How to Calculate Percentage: Formulas & Examples
Frequently asked questions
How do I calculate a mortgage payment?
Enter the home price, down payment, interest rate and term. The calculator works out principal and interest, then adds monthly tax and insurance for the full estimated payment.
What is PITI?
Principal, interest, taxes and insurance – the four components of a typical monthly mortgage payment in markets where taxes and insurance are escrowed.
How much should my down payment be?
20% is the traditional benchmark because it usually avoids mortgage insurance, but requirements vary by country and lender. A bigger deposit always means less interest overall.
Does this include mortgage insurance or HOA fees?
Not separately – if you pay PMI or HOA fees, add their annual amounts into the insurance field to include them in the estimate.
Is a 15-year or 30-year mortgage better?
A 15-year term costs much less in total interest but has a higher monthly payment. Compare the total interest figure for both in the calculator and choose what your budget can genuinely sustain.
Is this a mortgage offer?
No. It is an estimate for planning. Actual terms depend on the lender's underwriting, fees and your credit profile.
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