Mortgage payment calculator
See your mortgage payment and total interest in seconds. Adjust your down payment, rate, and amortization — and compare monthly vs. accelerated bi-weekly to see how much faster you could be mortgage-free.
Estimate of principal & interest only — excludes property tax, insurance, condo fees, and (in Canada) mortgage default insurance on down payments under 20%.
Your payment is the mortgage amount spread over the amortization at the given rate: M = P × r(1+r)n / ((1+r)n − 1). A bigger down payment, a lower rate, or a shorter amortization all cut your total interest.
Frequently asked questions
How is a mortgage payment calculated?
Your payment uses the amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the mortgage amount (home price minus down payment), r is the periodic interest rate, and n is the number of payments. We compute it for monthly, bi-weekly, and accelerated bi-weekly schedules.
What does accelerated bi-weekly save me?
Accelerated bi-weekly takes your monthly payment, halves it, and charges it every two weeks. Because there are 26 bi-weekly periods a year, you make the equivalent of 13 monthly payments instead of 12 — paying the mortgage off years sooner and saving thousands in interest.
Does this include property tax and insurance?
No. This estimates principal and interest only. Your real housing cost also includes property tax, home insurance, condo/strata fees, and — in Canada, on down payments under 20% — mortgage default (CMHC) insurance.
Researching and writing about mortgages and personal finance since 2026.
“Mortgage Payment Calculator — VaultNerd” — VaultNerd, https://www.vaultnerd.com/tools/mortgage-calculator, updated June 2026.
- Standard mortgage amortization formula M = P·r(1+r)^n/((1+r)^n−1)