Is mortgage insurance included?

No. If your deposit is under 20% the lender will usually require it, commonly 0.3–1.5% of the loan per year. Add it separately.

How much deposit do I need?

Products exist from 5%, but 20% avoids mortgage insurance and generally unlocks better rates, so the true cost difference is bigger than the headline rate.

Should I choose a shorter term?

If you can afford the payment, yes — a 15-year term at the same rate typically cuts total interest by well over half.

Mortgage Calculator

Estimate the full monthly cost of a home loan — principal, interest, property tax and insurance — and see how much interest the loan costs across its lifetime.

Fill in the fields above and select Calculate to see your result and the full working.

Please note: Financial calculators produce estimates using the figures you enter. They exclude fees, taxes, insurance and rate changes unless a field asks for them. They are not financial advice — confirm any significant decision with a qualified adviser or your lender.

Formula used

M = P · r ÷ (1 − (1 + r)⁻ⁿ), then add monthly property tax and insurance

How to use this calculator

Enter the property price and the deposit you plan to put down.
Add the interest rate and term offered by the lender.
Include annual property tax and home insurance for a realistic monthly figure.
Compare 25- and 30-year terms — the total interest difference is usually large.

Example calculation

A $350,000 home with $70,000 down at 6.25% over 30 years:

Loan = $280,000, monthly rate = 0.0052083, n = 360

Principal & interest = $1,724

Tax and insurance of $4,400 a year adds $367

Total monthly ≈ $2,091; interest over the term ≈ $340,600.

What does this result mean?

Lenders assess affordability on the full monthly cost, not just principal and interest, and typically want housing costs below roughly 28–33% of gross income. The total interest figure is the one most buyers underestimate: on a 30-year loan it frequently exceeds half the amount borrowed.

Frequently asked questions

Is mortgage insurance included?: No. If your deposit is under 20% the lender will usually require it, commonly 0.3–1.5% of the loan per year. Add it separately.
How much deposit do I need?: Products exist from 5%, but 20% avoids mortgage insurance and generally unlocks better rates, so the true cost difference is bigger than the headline rate.
Should I choose a shorter term?: If you can afford the payment, yes — a 15-year term at the same rate typically cuts total interest by well over half.

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