About the Mortgage Calculator
Use this mortgage calculator to estimate your monthly home loan repayment. Enter the home price, deposit, interest rate and loan term — and optionally property tax, insurance and HOA or strata fees — to see your full monthly cost, the total interest paid over the life of the loan and a year-by-year amortization schedule.
How to use it
- Enter the home price and your deposit (as an amount or percentage).
- Add the interest rate and loan term in years.
- Optionally add yearly property tax, home insurance and monthly fees.
- Review the monthly payment breakdown, payoff date and amortization table.
Formula & method
M = P × r(1 + r)^n ÷ ((1 + r)^n − 1)
P = loan amount, r = monthly rate (annual ÷ 12), n = number of paymentsFrequently asked questions
How much deposit do I need for a mortgage?
Many lenders accept 5–10%, but a 20% deposit usually avoids lenders mortgage insurance (LMI) or private mortgage insurance (PMI) and lowers your repayments.
Does a shorter loan term save money?
Yes. A 15-year term has higher monthly repayments than a 30-year term, but you pay far less total interest because the balance falls faster.
Is the result exact?
It is an estimate. Lenders may use different compounding, fees and rounding. Always confirm figures with your lender.
Results are estimates for general information only and are not financial, tax, legal or medical advice. Please confirm important decisions with a qualified professional.