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CalcTheBuild

Mortgage Calculator

Building or buying a home? Work out the real monthly cost of your mortgage, including principal, interest, property tax, insurance and fees, and see how your balance falls over the life of the loan.

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US private mortgage insurance, annual % of the loan. Use 0 outside the US.

Your estimate

Total monthly payment
$2,800.44
Principal & interest
$2,275.44
Loan amount
$360,000
Down payment
$90,000
Taxes, insurance & fees / month
$525.00
Total interest paid
$459,160
Total of loan payments
$819,160

How to use this calculator

  1. Enter the purchase price or total build cost of the home.
  2. Enter your down payment (deposit) as a percentage of the price.
  3. Enter the interest rate and choose the loan term.
  4. Add annual property tax, home insurance and any monthly HOA or service charges.
  5. US buyers putting down less than 20% should enter a PMI rate (typically 0.3–1.5%).

How the mortgage payment is calculated

Principal and interest use the standard amortization formula: M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments.

Taxes, insurance and fees are added on top to give the total monthly housing cost. The amortization table shows how much of each year's payments goes to principal and how much to interest.

Pro tips

  • Get pre-approved before you sign a build contract so you know your real budget.
  • New builds often need a construction loan that converts to a mortgage on completion. Ask about rate locks.
  • Even one extra payment a year can take years off a 30-year mortgage.

Frequently asked questions

What is included in a mortgage payment?

Usually principal and interest, plus property tax and homeowners insurance (often held in escrow), and PMI or HOA fees where they apply.

How much house can I afford?

Many lenders follow the 28/36 rule: housing costs up to 28% of gross monthly income and total debt payments up to 36%. UK lenders typically lend 4–4.5 times annual income.

Is a 15-year or 30-year mortgage better?

A 15-year mortgage has higher monthly payments but a lower rate and far less total interest. A 30-year mortgage keeps payments affordable and leaves more cash flow flexibility.

When can I stop paying PMI?

On conventional US loans you can request PMI removal at 20% equity, and it ends automatically at 22% equity based on the original schedule.

These results are estimates for planning and budgeting. Actual quantities depend on site conditions, products and workmanship. Check structural and code requirements with a licensed professional before you build.