Calculate your mortgage, anywhere in the world

A mortgage is a loan used to buy property. The property itself serves as collateral — if you don't repay, the lender can take possession. Mortgages are repaid over long periods (usually 15–40 years) in monthly instalments.

Four main parts: principal (the loan balance you're paying off), interest (the cost of borrowing), property tax, and home insurance. In the US, this is called PITI. Some mortgages also include PMI (if you put down less than 20%) and HOA fees.

Pick your country from the dropdown. The calculator auto-adjusts the currency symbol, formatting, default interest rate, default term, and local terminology (like "down payment" vs "deposit", or "property tax" vs "stamp duty").

Same concept — the cash you pay upfront. In the US and Canada it's called a "down payment". In the UK and Australia, it's called a "deposit". Rules differ: PMI in the US, CMHC insurance in Canada, and LMI in Australia all apply below 20%.

Private Mortgage Insurance — required in the US when your down payment is below 20%. It protects the lender if you default. You can typically cancel it once you've built 20% equity. It usually costs 0.3%–1.5% of the loan amount per year.

An account your lender uses to collect property tax and insurance alongside your monthly payment. The lender pays those bills on your behalf when they're due. Common in the US, Canada, and Australia.

Fixed gives certainty — your payment never changes. Variable (or floating) often starts lower but moves with the market. Choose based on your tolerance for uncertainty and expectations of future rates. Fixed is more common in the US and Canada; variable is more common in the UK, Australia, and India.

It depends on the country. US: as low as 3% (FHA), but 20% avoids PMI. UK: typically 5%–10%. Canada: minimum 5%, but 20% avoids CMHC insurance. Australia: 5%–20%, with LMI below 20%. India: 10%–25% depending on property value.

Loan-to-Value ratio — the loan amount as a percentage of the property value. A $400,000 home with a $320,000 loan has an 80% LTV. Lower LTV = less risk for the lender = better rates.

Enormously. In the US, effective property tax ranges from ~0.3% per year in Hawaii to ~2.5% in New Jersey. Always check your local rate — it can swing your monthly payment by hundreds of dollars.

A tax paid when you buy property — common in the UK, Australia, India, and Singapore. It's paid upfront (not part of your monthly payment). Rates vary by price band and buyer type (first-time buyer, investor, etc.).

Canada Mortgage and Housing Corporation insurance — required when your down payment is below 20% in Canada. It protects the lender, and the premium is added to your mortgage balance.

Lenders Mortgage Insurance — required in Australia when your deposit is below 20%. It protects the lender and is usually added to your loan. It's different from income protection or life insurance.

Homeowners Association fees — monthly charges in managed communities, condos, or planned developments. They cover shared maintenance (gardens, pools, security, etc.). Called "service charges" in the UK, "condo fees" in Canada, and "strata fees" in Australia.

US: 15 or 30 years. UK: 25 years typical, up to 40. Canada: 25-year amortization with terms renewing every 1–5 years. Australia: 30 years typical. India: 15–20 years, sometimes 30.

Yes. Most mortgages allow prepayment, but some charge a penalty (typically 1%–3% of the outstanding balance, or a set number of months' interest). Fixed-rate mortgages often have stricter prepayment rules than variable-rate ones.

The upfront fees when you buy a home — typically 2%–5% of the property price. They include valuation fees, legal fees, registration, stamp duty, and lender arrangement fees. Not part of your monthly payment, but essential to budget for.

Not yet. This calculator works in monthly payments. Fortnightly payments (common in Australia and New Zealand) accelerate repayment because you make 26 half-payments per year instead of 12 full ones.

No. This calculator treats PMI as a fixed monthly cost. In reality, PMI typically ends once you reach 20% equity — either through payments or appreciation. You can manually zero out PMI to model that scenario.

Small differences can come from rounding, prepaid interest, escrow setup, daily interest accrual, or specific lender fees. This calculator gives a very close estimate — always confirm the exact figure with your lender.

Yes. Just enter the investment property's price, loan amount, and rate. Note that investment property loans usually have slightly higher rates and require larger down payments (often 20%–30%).

Adjustable-Rate Mortgage — a US term for a mortgage with a fixed rate for an initial period (often 3, 5, or 7 years), then a variable rate. Lower starting rate, but payment risk after the fixed period ends.

Yes, but you'll pay a higher rate. In the US, FHA loans allow scores as low as 580. In the UK and Australia, specialist lenders exist. Improving your score before applying can save you a lot over the life of the loan.

In the US, 740+ gets you the best rates. In the UK, a "good" score from Experian/Equifax is needed. In Canada, 680+ is strong. In Australia, 700+ (Equifax AU) is competitive. In India, 750+ (CIBIL) unlocks the best terms.

No. Stamp duty, registration, and similar purchase taxes are paid upfront and are separate from your monthly payment. You should budget 2%–5% of the property price for these costs.

Yes — add it into the "Property tax (annual)" field. Council tax in the UK, municipal rates in Australia, and property tax in the US and Canada all work the same way for the purposes of this calculation.

No. This calculator models a standard principal-and-interest repayment mortgage. Interest-only loans (common in the UK and Australia) require a different calculation.

The interest rate is the cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate plus most upfront fees — giving a fuller picture of the cost. Compare loans on APR, not just interest rate.

A common rule: your total housing costs (PITI) shouldn't exceed 28%–30% of your gross monthly income, and all debts combined shouldn't exceed 36%–43%. Lenders use similar ratios in most countries.

Yes. Enter your remaining balance as the home price, your new down payment (often zero), and the new rate and term. The calculator will show your new monthly payment.

When your monthly payment is less than the interest charged, so your loan balance actually grows over time. Rare, and heavily regulated in most countries. This calculator does not model negative amortization.

For the payment calculation, a co-borrower doesn't change anything — the loan amount, rate, and term are the same. Co-borrowers matter more for eligibility (combining incomes). See the Home Loan Eligibility Calculator for that.

Very close, but not exact to the penny. Rounding, prepaid interest, escrow setup, and lender-specific fees create small differences. Always confirm the final numbers with your lender.

Yes, completely free. And everything runs in your browser — no data is uploaded or stored.

We plan to add New Zealand, Ireland, South Africa, Singapore, UAE, and Germany next. If you'd like a specific country, let us know.

No. All calculations happen in your browser. Nothing is uploaded, tracked, or stored.