Mortgage Calculator

Calculate your estimated monthly mortgage payment.

Home Price ($):

Down Payment: $

Annual Interest Rate (%):

Loan Term (Years):

ZIP Code:

Buying a home in the UK or any part of the work is one biggest financial decisions anyone will take, but if you don’t know how to calculate your Mortgage you are in you are in danger of overpaying or making costly mistakes. With our Mortgage Calculator, you can quickly estimate your monthly loan fee, and compare different loan options before planning your budget.

What is a Mortgage Calculator?

A mortgage calculator is an online tool that helps you determine how much your home loan will cost each month. It factors in the loan amount, interest rate, loan term, and other variables to give you an accurate estimate of your payments.

Is a tool that was specially built to assist you get the right amount of home loan you will be paying every month. By just inputting the loan amount, interest rate, and loan terms the tool will proceed to give you accurate results.

the cool thing about this tool is you don’t have to sign up or pay fees before using it, it’s free of charge and free forever.

How to Use Our Mortgage Calculator

Using our Mortgage Calculator is as simple as ABC.

Enter the Loan Amount – The total amount you plan to borrow.

Enter the Down Payment – Input the amount you Initial amount you plan to pay upfront, note: A higher down payment reduces your loan and monthly payments.

Choose the Interest Rate – Input the interest rate expected interest rate based on your lender’s offer.

Select the Loan Term – Common terms are 15, 20, or 30 years.

Include Additional Costs – You can factor in property taxes, homeowners insurance, and HOA fees.

Why Use a Mortgage Calculator?

✅ Plan Your Budget – It helps you know how much you can afford before house hunting
✅ Compare Loan Options – It gives you a clear view of how different loan terms affect your payments.
✅ Avoid Surprises – It helps you to get a complete map before the journey, which means, you get a complete breakdown of principal and interest payments.
✅ Make Smarter Financial Decisions – Adjust loan amounts and interest rates to find the best deal.

Factors That Affect Your Mortgage Payment

Property Taxes & Insurance – These extra costs impact your final monthly bill.

Loan Amount – A higher loan means higher monthly payments.

Interest Rate – A lower interest rate reduces your total cost.

Loan Term – A longer loan term means lower payments but more interest over time.

Down Payment – A larger down payment reduces the loan amount and your payments.

Mortgage Payment Formula

Where:

M = Monthly mortgage payment
P = Loan amount (Home Price – Down Payment)
r = Monthly interest rate (Annual Interest Rate ÷ 12 ÷ 100)
n = Total number of payments (Loan Term in Years × 12)

Step-by-Step Example

Let’s assume:

Home Price = $300,000
Down Payment = $60,000 (20% of home price)
Loan Amount (P) = $240,000 ($300,000 – $60,000)
Interest Rate = 5% annually (0.05 ÷ 12 = 0.004167 monthly)
Loan Term = 30 years (360 months)

Step 1: Apply the formula

Using a calculator, the final monthly payment M comes out to $1,288.37 (excluding taxes and insurance).