Mortgage Calculator – Monthly Payment & Total Cost
Calculate your monthly mortgage payment, total interest, and full cost of homeownership. Supports multiple currencies and optional costs like property tax, insurance, and HOA fees.
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How Mortgage Payments Are Calculated
The standard mortgage formula is M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). Early payments go mostly toward interest; later payments shift toward principal.
Fixed vs Adjustable Rate Mortgages
A fixed-rate mortgage keeps the same interest rate for the entire loan term, making payments predictable. An adjustable-rate mortgage (ARM) starts with a lower rate that adjusts periodically based on a benchmark index. ARMs carry risk if rates rise significantly.
Down Payment Impact
A 20% down payment eliminates private mortgage insurance (PMI) in the US, saving 0.5–1.5% of the loan amount annually. In Korea, the LTV (Loan-to-Value) ratio regulation controls how much you can borrow relative to the property value, with stricter limits in regulated areas.