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Mortgage Calculator
Enter the home price and deposit to work out how much you would borrow, then see the monthly payment, total interest, and total repayment for your rate and term.
How this mortgage calculator works
A larger deposit reduces the amount borrowed, which lowers both the monthly payment and the total interest, even when the rate and term stay the same. This calculator assumes a fixed rate and equal monthly payments, and covers principal and interest only. For a general loan without a property price, use the loan calculator, and for a vehicle, use the car loan calculator.
Disclaimer: For general information only; this is not financial advice.
Frequently asked questions
How is the mortgage amount calculated?
The amount borrowed is the home price minus your deposit. For example, a 300,000 home price with a 60,000 deposit means a 240,000 mortgage, and the monthly payment is calculated on that 240,000.
Does this include taxes or insurance?
No. This calculator covers principal and interest only. Taxes, insurance, and other housing costs are not included, so a real monthly housing payment may be higher.
What term should I choose?
Common terms include 15, 20, and 30 years. A longer term usually lowers the monthly payment but increases total interest. Compare both figures, and use the main loan calculator to test other terms.