Borrowing
Mortgage Calculator
Work out your full monthly mortgage payment and what it costs to buy, with each country's own transfer tax, mortgage insurance and property tax. 15 countries.
Total monthly payment
$2,514.29
$2,022.62 principal & interest
How the payment was worked out
$320,000.00 over 30 yrs at 0.54167% a month gives $2,022.62 of principal and interest. Property tax, insurance and HOA dues are added on top to reach the headline figure.
Where the Property tax figure comes from
Effective rates run from about 0.3% in Hawaii to 2.2% in New Jersey; 1.1% is close to the national median.
1.1% of $400,000.00 is $4,400.00 a year, or $366.67 a month. It is a national representative figure, not your own municipality's bill, so replace it once you have the real one.
When PMI applies
Charged while the loan is above 80% of the purchase price. The Homeowners Protection Act 1998 requires the lender to cancel it on request at 80% and automatically at 78%.
Loan amount
$320,000.00
$80,000.00 down
Cash to complete
$89,600.00
deposit plus $9,600.00 of buying costs
Total interest
$408,140.64
over 30 yrs
Total cost of ownership
$914,741.84
buying costs, payments and running costs
United States rates. An estimate, not financial advice, providers may calculate differently.
What it costs to buy
Transfer and recording tax
$1,600.00
on the purchase price
Other buying costs
$8,000.00
Lender, title, appraisal, escrow and prepaid items, commonly 2% to 5% of the price.
Deposit
$80,000.00
20% of the price
How the transfer and recording tax was worked out
Transfer tax is set by state, county and sometimes city, ranges from nothing in thirteen states to over 2%, and in much of the country is paid by the seller. 0.4% is a representative buyer-side figure; check your county recorder.
0.4% of $400,000.00 is $1,600.00.
This one is a representative figure rather than a single statutory rate, because the tax is set below the national level here.
What you pay each month, and each year
| Cost | Per month | Per year |
|---|---|---|
| Principal & interest | $2,022.62 | $24,271.44 |
| Property tax | $366.67 | $4,400.04 |
| Home insurance | $125.00 | $1,500.00 |
| HOA dues | $0.00 | $0.00 |
| Total | $2,514.29 | $30,171.48 |
The yearly column is twelve months of each line.
- Principal & interest$2,022.6280%
- Property tax$366.6715%
- Insurance$125.005%
- Principal
- Interest
Amortisation schedule
| Year | Principal | Interest | Balance |
|---|
Principal and interest only; property tax, insurance and hoa dues are added on top each month. Interest is rounded to the smallest unit each month, so totals can differ a little from a spreadsheet over a long term (formula total: $408,142.36).
A result link includes the numbers you entered. Share it only with people you want to see them.
How this is calculated
This calculator estimates two separate costs: the monthly housing payment and the cash needed to complete the purchase. The monthly figure starts from the loan, which is the price less the deposit plus any mortgage-insurance premium the country adds to it; the principal-and-interest payment comes from the standard amortisation formula, and the recurring property tax, home insurance, any building charge and any monthly mortgage insurance are added on top. The cash-to-complete figure adds the country's transfer tax and other buying costs to the deposit. Every country opens on its own typical figures, which you can replace with the numbers from your lender and purchase documents.
Principal and interestP × r ÷ (1 − (1 + r)−n)
Monthly paymentprincipal and interest + property tax ÷ 12 + insurance ÷ 12 + building charge + mortgage insurance
Cash to completedeposit + transfer tax + other buying costs + any insurance paid in cash
- P
- the loan: Price − Deposit, plus any premium that is capitalised into it
- r
- the rate per month: the quoted annual rate divided by 12, or the half-yearly convention in Canada
- n
- the number of monthly payments: the term in years × 12
What this does not include
- First-time buyer reliefs, new-build VAT and second-home surcharges: the transfer tax shown is the standard rate.
- Municipal property tax bills: the recurring tax is a national representative figure.
- Whether a lender will approve the loan; the debt-to-income calculator is the guide to that.
- Rate changes after a fixed period, offset accounts and early-repayment charges.
How this calculator works
Mortgage calculator guide: payment, insurance and cash to complete. How the monthly payment and cash to complete are built in each country: transfer tax, four kinds of mortgage insurance, property tax and a $400,000 example.
This calculator in other countries
Each country has its own rates, thresholds and rules, and its own page that runs the calculator on them and cites the official sources they came from.
Data sources
| Dataset | Authority | Effective | Status |
|---|---|---|---|
| United States property purchase costs and mortgage insurance | Consumer Financial Protection Bureau | Within its effective period | |
| United Kingdom stamp duty land tax and purchase costs | GOV.UK | Within its effective period | |
| German Grunderwerbsteuer by Land and purchase costs | Grunderwerbsteuergesetz (GrEStG) section 11 | Within its effective period | |
| Canadian land transfer tax and CMHC mortgage loan insurance | CMHC | Within its effective period | |
| Australian transfer duty and lenders mortgage insurance | Revenue NSW | Within its effective period | |
| Irish stamp duty and purchase costs | Revenue | Within its effective period | |
| Dutch overdrachtsbelasting and Nationale Hypotheek Garantie | Government.nl | Within its effective period | |
| New Zealand property purchase costs | Inland Revenue | Within its effective period | |
| Swedish stampelskatt and purchase costs | Lantmateriet | Within its effective period | |
| Indian stamp duty and registration charges | Ministry of Housing and Urban Affairs | Within its effective period | |
| Sri Lankan stamp duty on a deed of transfer | Inland Revenue Department | Within its effective period | |
| Finnish varainsiirtovero and purchase costs | Vero.fi | Within its effective period | |
| Japanese property acquisition costs | National Tax Agency | Within its effective period | |
| French droits de mutation and purchase costs | Service-public.gouv.fr | Within its effective period | |
| Spanish ITP by comunidad autonoma and purchase costs | Agencia Tributaria | Within its effective period |
Every document each dataset was read from, its notes and how the figures were checked are listed in the guide's data sources.
This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.