The full monthly cost of a home — not just principal and interest.
Total monthly payment
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—
Principal & interest
—
Amount borrowed
—
Total interest over the term
—
Total cost of the home
What the monthly payment is made of
Balance remaining over time
Full amortisation schedule
Year
Principal paid
Interest paid
Balance
An estimate. Lenders add arrangement fees, valuation and legal costs, and their rate depends on your credit and deposit. Property tax and insurance vary by address. Confirm every figure with the lender before committing.
How this works
Loan = price − deposit
Monthly = L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Total = monthly + tax/12 + insurance/12 + HOA
350,000 home, 20% down, 6.5% over 30 years
Amount
Amount borrowed
280,000
Principal & interest
1,769.85 a month
Property tax and insurance
391.67 a month
Total monthly payment
2,161.52
Interest over 30 years
357,146
Tax and insurance are often a fifth of the payment — a principal-and-interest-only figure understates the real cost badly.
Below a 20% deposit most lenders add mortgage insurance, which this does not include.
Over 30 years at 6.5% you pay more in interest than the house cost. Cutting to 15 years roughly halves that.
Lenders typically want the total payment under about 28% of gross income.
Currency
Amounts follow the currency selected above.
How much house can I afford?
A common rule is keeping the total monthly payment — including tax and insurance — under 28% of gross monthly income, and all debt under 36%. Lenders vary, and affordability also depends on your deposit and other commitments.
Why is my payment higher than principal and interest?
Property tax, home insurance and any HOA or service charge are usually collected with the mortgage. Together they often add 15-25% on top.
Is a 15-year mortgage better than a 30-year?
It costs far less in total interest but the monthly payment is much higher. A 30-year with voluntary overpayments gives similar savings while keeping the lower required payment.