Mortgage Payment Calculator
Estimate monthly home loan payments and compare mortgage terms.
Estimate principal-and-interest payments from a mortgage amount, annual interest rate, amortization period, payment frequency and selected compounding convention. The result also estimates total interest and the remaining balance at the end of a term.
This is an educational estimate, not a loan offer. It does not include property taxes, homeowners insurance, mortgage insurance, lender fees, closing costs or future rate changes. Confirm the compounding method and all actual costs with your lender and official loan documents.
How to use this tool
- Enter the mortgage principal and the annual rate from a current lender quote or loan document.
- Choose the full amortization period and the shorter interest term.
- Select the payment frequency and the compounding convention stated by your lender.
- Compare the estimated payment, total interest and term-end remaining balance.
Frequently asked questions
What costs does this calculator include?
It estimates principal and interest only. A total housing budget may also need property tax, insurance, mortgage insurance, association fees, utilities and maintenance.
What is amortization?
Amortization is the schedule for repaying a loan over time. Early payments generally contain more interest, while later payments contain more principal.
Why are there Canadian and U.S. compounding options?
Quoted-rate conventions can differ. The tool models a semi-annual convention commonly used for Canadian rates and a monthly convention used by many U.S. loans; use the method in your lender’s documents.