How much can I borrow?

Lenders usually look at income, debts, credit history, down payment, property value, and local affordability rules. This calculator estimates payments, but your borrowing limit should also account for taxes, insurance, emergency savings, and monthly living costs.

What is amortization?

Amortization is the schedule that pays a mortgage down over time. Each payment covers interest due for the period plus some principal. Early payments are often interest-heavy; later payments reduce principal faster.

Fixed vs variable rate: what is the difference?

A fixed rate keeps the interest rate and payment predictable for a set period or the full loan term. A variable rate can move with market rates, which may lower payments when rates fall but can increase costs when rates rise.

Home/Calculators & Converters

Calculators & Converters

Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and amortization schedule from home price, down payment, loan term, and annual interest rate.

Finance Calculators & Converters

Home priceDown payment (amount)

Loan term (years)Annual interest rate (%)

Monthly payment

$2,160.66

Total paid

$648,198.87

Total interest paid

$328,198.87

Loan amount

$320,000

Amortization schedule

Year-by-year breakdown of principal and interest paid.

Year	Principal paid	Interest paid	Remaining balance
1	$5,283.52	$20,644.44	$314,716.48
2	$5,637.36	$20,290.59	$309,079.12
3	$6,014.91	$19,913.05	$303,064.21
4	$6,417.74	$19,510.22	$296,646.47
5	$6,847.55	$19,080.41	$289,798.92
6	$7,306.14	$18,621.82	$282,492.78
7	$7,795.45	$18,132.51	$274,697.34
8	$8,317.52	$17,610.43	$266,379.82
9	$8,874.56	$17,053.39	$257,505.26
10	$9,468.91	$16,459.05	$248,036.35
11	$10,103.06	$15,824.9	$237,933.29
12	$10,779.68	$15,148.28	$227,153.62
13	$11,501.61	$14,426.34	$215,652.01
14	$12,271.9	$13,656.06	$203,380.11
15	$13,093.77	$12,834.19	$190,286.34
16	$13,970.68	$11,957.27	$176,315.66
17	$14,906.32	$11,021.63	$161,409.34
18	$15,904.63	$10,023.33	$145,504.71
19	$16,969.79	$8,958.16	$128,534.92
20	$18,106.29	$7,821.67	$110,428.63
21	$19,318.9	$6,609.05	$91,109.73
22	$20,612.72	$5,315.23	$70,497.01
23	$21,993.2	$3,934.76	$48,503.81
24	$23,466.12	$2,461.83	$25,037.69
25	$25,037.69	$890.27	$0

Preparing tool...

Key benefits

Compare home price, down payment, term, and rate scenarios before you commit to a mortgage quote.
See loan amount, monthly payment, total paid, and total interest in one place.
Use the yearly amortization table to understand how each year shifts from interest-heavy payments toward principal repayment.

What this tool does

A mortgage calculator estimates the cost of borrowing for a home by subtracting your down payment from the home price, then applying the loan term and annual interest rate to calculate a fixed monthly payment. It helps you compare scenarios quickly before speaking with a lender or adjusting your budget. Related utilities on ConvertPal include Loan Calculator, Percentage Calculator, and Currency Converter.

The amortization schedule shows how each payment is split between interest and principal. Early in a mortgage, more of the payment usually goes to interest. Over time, the principal share grows and the remaining balance falls faster.

Use this as a planning estimate. Real mortgage costs can also include property tax, insurance, association dues, lender fees, closing costs, and rate changes if you choose a variable-rate product.

How to use it

Enter the home price you want to evaluate.
Add your down payment as a cash amount or percentage.
Set the loan term in years and the annual interest rate.
Review the monthly payment, totals, loan amount, and yearly amortization table.

More context

Mortgage planning is about more than one monthly number. A lower payment can come from a longer term, but that often increases total interest. A larger down payment reduces the loan amount immediately and can improve the loan-to-value ratio used by lenders.

Use the amortization table to see the long-term tradeoff. If most of the first years are interest, extra principal payments or a shorter term may materially reduce total interest, depending on your lender's rules and prepayment fees.

FAQ

A good mortgage rate depends on the market, your country, credit profile, loan-to-value ratio, term, and whether the rate is fixed or variable. Compare offers from multiple lenders and look at the annual percentage rate or total borrowing cost, not just the headline interest rate.

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