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Mortgage Calculator

Calculate monthly mortgage payments and total interest paid.

What does this tool do?

A mortgage is typically the largest financial commitment most people make. The monthly payment depends on three things: the loan amount (home price minus your down payment), the interest rate, and the loan term (how many years you will be paying). But the monthly payment is only part of the story — the total interest paid over 30 years can equal or exceed the original home price. This calculator shows you both numbers, so you understand the full cost of the loan, not just what you write a cheque for each month.

How to use it

  1. Enter the home price.
  2. Enter your down payment amount (20% of the purchase price avoids Private Mortgage Insurance on most loans).
  3. Enter the annual interest rate — check current rates from your bank or a comparison site.
  4. Set the loan term. 30 years is standard; 15 years costs more per month but far less in total interest.
  5. Your monthly payment and total interest appear instantly.

Pro tips

  • A 15-year mortgage saves an enormous amount in interest — but monthly payments are roughly 40% higher than a 30-year loan.
  • Every 1% increase in interest rate adds approximately $130 per month on a $200,000 loan. Shop rates carefully.
Example

Home price: $400,000 | Down payment: $80,000 (20%) | Rate: 6.5% | Term: 30 years

Monthly payment: $2,023
Total paid over 30 years: $728,280
Total interest paid: $408,280

The interest paid is more than the original loan amount.

When would you use this?

  • Figuring out whether a home is actually affordable before making an offer
  • Comparing the real cost of a 15-year versus a 30-year mortgage
  • Understanding how much of your early payments go to interest versus principal (it is mostly interest)
  • Calculating how a higher down payment changes your monthly payment
  • Planning a monthly budget around a mortgage obligation