Loan Calculator — Calculate Your Loan Payments Easily

Use our free Loan Calculator tool to quickly estimate your monthly payments, total interest, and overall loan cost. Whether you’re planning a mortgage, car loan, or personal loan, this calculator helps you understand your financial commitment.

Your down payment reduces the loan amount.
Typically 0.3%–1.5% of loan amount annually.

Results

Monthly Payment: —
Total Principal Paid: —
Total Interest Paid: —
Total Cost (Principal + Interest): —
Total Taxes Paid: —
Total Insurance Paid: —
Total PMI Paid: —
Total All-In Cost: —

How to Use This Loan Calculator

This mortgage calculator helps you estimate your monthly payment and total cost of homeownership. Follow these simple steps:

  1. Enter the loan amount — Input the total purchase price of the property.
  2. Set your down payment percentage — Typically 5–20% for conventional loans. Higher down payments reduce your monthly payment and interest over time.
  3. Input the annual interest rate — Use current market rates or a pre-approved quote from a lender.
  4. Select the loan term — Common options are 15 or 30 years. Shorter terms mean higher monthly payments but less interest paid.
  5. Choose payment frequency — Most borrowers select "Monthly", but some may prefer bi-weekly or weekly.
  6. Select loan type — Choose "Standard Amortizing" for traditional mortgages. Other types may be available depending on your country.
  7. Add property taxes and insurance — Enter your estimated annual costs. These are included in your total all-in cost.
  8. Include PMI if applicable — Check this box if your down payment is less than 20%. PMI typically ranges from 0.3% to 1.5% of the loan amount annually.
  9. Click “Calculate Monthly Payment” — See your estimated monthly payment and total cost over the life of the loan.

Pro Tip: Try different scenarios — increase your down payment, shorten the loan term, or adjust the interest rate to see how it affects your budget.

Results are estimates only. Actual payments may vary based on lender terms, fees, and local regulations. Always consult a licensed mortgage professional before making financial decisions.

Most Online Calculators Only Show Principal and Interest — But They Miss the Real Costs

Many mortgage calculators display only principal and interest. In reality, your monthly housing cost often includes property taxes, insurance, PMI, HOA fees, and utilities — potentially increasing your payment by 30–45%. This can lead to unexpected budget shortfalls.

Our calculator allows you to include all these costs for a more complete estimate. It’s designed to support users in the USA and Canada, including those who are self-employed, own rental properties, or are foreign nationals.

Hidden Costs You Should Include

  1. Property Taxes — Vary by location, typically 0.5% to 2% of home value annually. Enter your local estimate.
  2. Homeowners Insurance — Costs depend on coverage, location, and risk. Include your annual premium.
  3. PMI (Private Mortgage Insurance) — Required if down payment is under 20%. The calculator estimates this cost based on your inputs.
  4. HOA & Condo Fees — If applicable, these are added directly to your monthly obligation.
  5. Utility Costs — Optional: Add estimated monthly costs for electricity, heating, water, etc.

Example: For a $400,000 home in Toronto with 10% down, including all costs can increase your monthly payment by over $600 compared to principal + interest alone.

Who Should Use This Tool

  • First-time homebuyers — Get a realistic view of your total monthly obligation.
  • Self-employed borrowers — Estimate affordability using your average net income.
  • Property investors — Factor in rental income to assess cash flow and loan eligibility.
  • Anyone planning a home purchase — Test different scenarios by adjusting down payment, term, or costs.

How to Use This Calculator

Enter your loan amount, down payment, interest rate, loan term, and any additional costs. The tool will display your estimated monthly payment, total interest, and overall cost over the loan term.

Tip: Adjust inputs to see how small changes — like a higher down payment or shorter term — can reduce your long-term costs.

Real Example: Sarah, Toronto Homebuyer

Sarah plans to buy a $550,000 condo with $35,000 in student debt and a 10% down payment. Using our tool:

  • Loan Amount: $495,000
  • Monthly PITI: $3,100
  • Student loan payment: $420
  • Condo fees: $520
  • Utilities: $180

Total monthly obligation: $4,220. The calculator estimates her Total Debt Service Ratio (TDS) at 52% — above the typical 44% guideline. This helps Sarah adjust her budget or consider a larger down payment.

Features of Our Mortgage Calculator

FeatureAvailability
Loan Amount✅ Enter any value
Down Payment (%)✅ Automatically reduces loan amount
Annual Interest Rate (%)✅ Fully customizable
Loan Term (years)✅ Supports 1–30+ years
Payment Frequency✅ Monthly, biweekly, weekly
Loan Type✅ Standard amortizing loan
Property Taxes✅ Enter your estimate
Home Insurance✅ Enter your estimate
PMI✅ Optional if down payment < 20%

Tips to Save on Your Mortgage

  • Make extra principal payments to reduce total interest.
  • Consider a shorter loan term to save thousands over time.
  • Increase your down payment to avoid or reduce PMI.
  • Compare insurance providers and property tax estimates.

Frequently Asked Questions

How do I calculate total interest paid?

Enter your loan amount, interest rate, and term. The calculator displays total interest over the life of the loan, including optional PMI, taxes, and insurance.

Can I include rental income?

Yes. Enter your expected rental income to see how it affects your debt ratios and cash flow. This is helpful for property investors.

Is this calculator suitable for land purchases?

Yes. Input your loan amount, term, and any special fees. The calculator can estimate payments for raw land or undeveloped property in the USA and Canada.

Can I use this if I am self-employed?

Yes. Input your average net income from the past 1–2 years. The calculator uses standard lending guidelines to estimate affordability.

Can I include student loans in my calculation?

Yes. While not part of the mortgage itself, including other debt payments helps estimate your total debt-to-income ratio for better financial planning.

Do I need to enter HOA or utility costs?

It’s optional but recommended. Including these gives you a more accurate picture of your total monthly housing expense.

Can I calculate for foreign nationals?

Yes. Enter your income and financial details manually. The tool can help estimate loan eligibility based on standard guidelines.

How does PMI affect my payments?

If your down payment is under 20%, PMI is typically required. The calculator estimates the monthly PMI cost and shows its impact on your total payment.

Disclaimer: This calculator is for informational purposes only. It does not constitute financial, legal, or tax advice. Results are estimates based on the numbers you enter. Actual payments may vary based on lender terms, fees, and local regulations. Always consult a licensed mortgage professional before making financial decisions.