Mortgage Calculator
Calculate your monthly mortgage payment, total interest and full repayment breakdown. Works for any currency — UK, US, Canada, Australia, UAE and worldwide.
⚠️ For illustration purposes only. This calculator provides estimates based on the figures you enter. Actual mortgage costs depend on your lender, credit history, fees, and applicable regulations in your country. Always speak to a qualified mortgage adviser or broker before making any financial decisions. ToolBullet is not a financial adviser and this tool does not constitute financial advice.
Advertisement
About This Tool
What it does
Calculates monthly mortgage payments, total repayment amount, total interest charged and a full year-by-year amortisation schedule for any loan amount, interest rate and term.
Who it's for
First-time buyers, homeowners remortgaging, property investors and anyone comparing mortgage deals in the UK, US, Canada, Australia, UAE, Singapore and worldwide.
Your privacy
All calculations happen in your browser. No financial figures you enter are transmitted to any server or stored anywhere. Completely private.
Advertisement
Frequently Asked Questions
How do I calculate my monthly mortgage payment?
Enter your loan amount, annual interest rate and loan term above. The calculator shows your exact monthly payment instantly. For example, a £250,000 mortgage at 4.5% over 25 years costs approximately £1,390 per month. For a $400,000 mortgage at 6.5% over 30 years the monthly payment is approximately $2,528.
How much mortgage can I afford?
A widely used guideline is that your monthly mortgage payment should not exceed 28–35% of your gross monthly income. Most lenders in the UK, US, Canada and Australia assess affordability based on income, existing debts, deposit size and credit history. Use the calculator to find a monthly payment that fits your budget, then speak to a qualified mortgage adviser for personalised guidance.
What is an amortisation schedule?
An amortisation schedule shows how each mortgage payment is split between interest and principal (the original loan amount) over the full term of the mortgage. In the early years most of each payment goes toward interest. As the balance reduces, more of each payment goes toward the principal. Click "Show Full Repayment Schedule" above to see the year-by-year breakdown for your mortgage.
How does the interest rate affect my mortgage payment?
Even small changes in interest rate significantly impact total cost. On a £250,000 mortgage over 25 years: at 3% the monthly payment is £1,186 and total interest is £105,800. At 5% the monthly payment is £1,462 and total interest is £188,600. At 7% the monthly payment is £1,767 and total interest is £280,100. Use the calculator to compare rates.
What is the difference between repayment and interest-only mortgages?
A repayment mortgage reduces the loan balance with each payment so you own the property outright at the end of the term. An interest-only mortgage means payments only cover interest — the original loan amount must be repaid separately at the end of the term. This calculator shows repayment mortgage figures. Most residential mortgages in the UK, US, Canada and Australia are repayment mortgages.
How much deposit do I need for a mortgage?
In the UK the minimum deposit for a residential mortgage is typically 5% of the property price, though 10–20% gives access to better rates. In the US the minimum down payment for a conventional mortgage is typically 3–5%, though 20% avoids private mortgage insurance (PMI). In Canada the minimum is 5% for properties under CAD$500,000. In Australia the minimum is typically 5–10%. Enter your deposit amount above to see how it affects your monthly payment.
What is the average mortgage interest rate in 2026?
Mortgage rates vary by country, lender, loan type, term and borrower profile. In the UK the average 2-year fixed rate was around 4.5–5.5% in 2025–2026. In the US the average 30-year fixed rate was around 6–7%. In Australia variable rates were approximately 5.5–6.5%. Rates change frequently — check current rates with your lender or a mortgage comparison site and enter the rate you are offered into the calculator above.
How do I calculate mortgage payments in the UK, US, Canada or Australia?
The mortgage calculation formula is the same in every country — monthly payment = loan amount × (monthly rate × (1 + monthly rate)^months) ÷ ((1 + monthly rate)^months − 1). What differs is the typical interest rate, loan term and deposit requirements by country. Use the currency selector above to switch between GBP, USD, CAD, AUD and other currencies, then enter the interest rate offered by your local lender.
What happens if interest rates rise after I take out a mortgage?
If you have a fixed-rate mortgage your monthly payment stays the same until the fixed period ends. If you have a variable or tracker mortgage your monthly payment will increase if rates rise. Use this calculator to model what your payments would be at different interest rates — enter a higher rate to see the worst-case scenario before choosing between fixed and variable rate products.
Advertisement