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Mortgage Calculator (USA & UK)

Estimate your monthly payments and see a full breakdown of your mortgage costs.

USA Standards
UK Standards
Monthly Payment $0.00
Principal & Interest $0.00
Taxes & Insurance $0.00
Total Loan Amount $0.00

Notice: This calculation is for estimation purposes only. Actual rates and payments may vary based on lender terms, credit score, and market conditions.

What's Next?

Is Buying Better?

Compare the long-term cost of renting vs buying.

Check Your DTI

See if your debt-to-income ratio qualifies for a loan.

Affordability Guide

Learn how lenders calculate your buying power.

Understanding Your Mortgage Payment

Your monthly mortgage payment is more than just repaying the money you borrowed. In the USA, it typically includes PITI: Principal, Interest, Taxes, and Insurance. In the UK, payments are often focused on Principal and Interest, but you should also factor in building insurance and potential service charges.

Usage Example: Typical US Home Purchase

If you purchase a home for $400,000 with a 20% down payment ($80,000), your loan amount would be $320,000. At a 6.5% interest rate for 30 years, your principal and interest payment would be approximately $2,022.62 per month. When you add property taxes (~$400/mo) and insurance (~$100/mo), your total monthly commitment would be roughly $2,522.62.

Frequently Asked Questions

What is a good down payment? +
While 20% is often recommended to avoid Private Mortgage Insurance (PMI) in the US, many buyers put down as little as 3-5% depending on the loan type. In the UK, a larger deposit (e.g., 10-15%) typically unlocks lower interest rate tiers.
How does interest rate affect my payment? +
Even a 1% difference in interest rates can save or cost you tens of thousands of dollars over the life of a 30-year loan. For example, on a $300,000 loan, 1% extra in interest adds about $200 per month to your payment.
What is the 28/36 rule for mortgage affordability? +
The 28/36 rule suggests that your monthly housing costs should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. This is a common benchmark used by US lenders.
Can I get a mortgage with bad credit? +
Yes, but it will likely come with a higher interest rate and a larger down payment requirement. In the US, FHA loans are designed for borrowers with lower credit scores. In the UK, specialist lenders offer "adverse credit" mortgages.

Amortization Schedule

Year Beginning Balance Principal Paid Interest Paid Ending Balance