Mortgage Calculator
Estimate your monthly payment, loan amount, interest, taxes, insurance, and total home ownership cost.
Includes principal, interest, estimated property tax, insurance, and condo fees.
Canadian mortgages commonly use an amortization period and a shorter mortgage term. This estimate uses a 5-year term label while calculating payments over the selected amortization.
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Explore Command →What Is a Mortgage Calculator?
A mortgage calculator estimates the monthly cost of buying a home using home price, down payment, interest rate, repayment timeline, property taxes, insurance, and monthly fees.
BankDeMark’s mortgage calculator helps you understand the full payment picture before committing to a property, so you can compare affordability, cash flow, debt load, and long-term wealth impact.
How Mortgage Payments Work
A mortgage payment is usually built around principal and interest. Principal reduces the loan balance. Interest is the cost of borrowing money. A realistic housing estimate should also include ownership costs.
Home price
The purchase price of the property.
Down payment
The cash you pay upfront before financing.
Loan amount
The home price minus down payment, plus any applicable insurance premium.
Interest rate
The annual rate charged by the lender.
Mortgage Payment Formula
M is the monthly principal and interest payment, P is the loan principal, r is the monthly interest rate, and n is the number of monthly payments.
Costs Beyond the Mortgage Payment
Many buyers only look at principal and interest. The real ownership stack can include taxes, insurance, mortgage insurance, HOA or condo fees, utilities, repairs, maintenance, and closing costs.
Pair this with the rent vs buy calculator, budget calculator, banking guide, and personal finance guide.
Common Mortgage Calculator Mistakes
- Shopping for the maximum approval instead of a comfortable payment.
- Ignoring taxes, insurance, repairs, utilities, and maintenance.
- Using a low rate without stress-testing higher rates.
- Forgetting closing costs and emergency savings.
- Buying before fixing high-interest debt and cash flow problems.
Mortgage Calculator FAQ
What is a mortgage calculator?
A mortgage calculator estimates your monthly home loan payment based on home price, down payment, interest rate, loan term, property taxes, insurance, and optional HOA or condo fees.
How is a mortgage payment calculated?
A mortgage payment is usually calculated using the loan amount, interest rate, and repayment term. A fuller estimate also includes property tax, insurance, and monthly fees.
Does this calculator include property taxes and insurance?
Yes. This calculator includes optional fields for annual property taxes, annual home insurance, and monthly HOA or condo fees.
What is included in a full monthly housing payment?
A full monthly housing payment may include principal, interest, property taxes, homeowners insurance, mortgage insurance, HOA or condo fees, utilities, maintenance, and repairs.
Disclaimer
This content is educational only and is not personalized financial, investment, tax, legal, or credit advice. Consider consulting a qualified professional licensed in your jurisdiction before acting on anything you read here.
Read our editorial standards for how this content is sourced and corrected, or the full financial disclaimer.
Last reviewed: 2026-08-09
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