Mortgage Repayment Calculator

The formula is M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly rate (APR / 12), and n is the number of monthly payments. This is the standard amortising formula used by all US lenders for fixed-rate mortgages.

Conventional loans allow as little as 3% down for first-time buyers. FHA loans require 3.5% with a 580+ credit score. VA and USDA loans allow 0% down. Putting less than 20% down on a conventional loan requires Private Mortgage Insurance (PMI).

PMI protects the lender if you default and is required on conventional loans with less than 20% down. It typically costs 0.5 to 1.5% of the loan amount annually. You can request cancellation at 80% LTV, and lenders must cancel it automatically at 78% LTV.

A 30-year mortgage has lower monthly payments but much higher total interest. A 15-year mortgage has higher payments but builds equity faster and saves tens of thousands in interest. The right choice depends on your cash flow and long-term financial goals.

Most conventional lenders require a minimum 620 score; the best rates start at 740+. FHA loans accept scores as low as 580 with 3.5% down. A strong credit score can save 1 to 2% in APR over the life of the loan.

The formula is M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount (price minus deposit), r is the monthly rate (annual rate / 12), and n is the total monthly payments. This is the standard capital repayment formula used by UK lenders.

Most UK lenders require a minimum 5% deposit (95% LTV), though rates improve at 10%, 25%, and 40% LTV tiers. First-time buyers can use the Lifetime ISA (up to 4,000 per year with a 25% government bonus) toward a deposit on homes up to 450,000.

A fixed-rate mortgage locks your rate for an introductory period (typically 2, 3, or 5 years). A tracker follows the Bank of England base rate plus a margin. After the initial term, both revert to the Standard Variable Rate (SVR), which is usually much higher.

When your deal expires you move to the Standard Variable Rate, typically 2 to 4% above the Bank of England base rate. Start remortgaging 3 to 6 months before your deal ends to secure a new rate and avoid the SVR.

LTV (Loan-to-Value) is the mortgage amount divided by the property value. A 20% deposit equals 80% LTV. UK lenders tier their best rates at 60%, 75%, 80%, and 85% LTV. Improving from 90% to 85% LTV can reduce your rate by 0.3 to 0.5%.

The formula is M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly rate (annual rate / 12), and n is the total monthly payments. Variable rate mortgages recalculate each month as the rate changes; fixed-rate mortgages lock this in for 1 to 5 years.

LMI is a one-off premium payable when your deposit is below 20% (LVR above 80%). It protects the lender if you default. The premium can run into tens of thousands of dollars and is usually capitalised onto the loan balance, increasing total repayments.

An offset account is a savings account linked to your home loan. The balance offsets your loan principal for interest calculation. An A00,000 loan with A0,000 in offset means you pay interest on only A50,000, reducing interest costs and potentially cutting years off the loan.

Most lenders require at least 5%, but anything below 20% (LVR above 80%) attracts LMI. The First Home Guarantee allows eligible first-home buyers to purchase with a 5% deposit and no LMI, with the government guaranteeing the remaining 15%.

A variable rate tracks the RBA cash rate and can rise or fall. A fixed rate locks your repayment for 1 to 5 years, providing certainty but with break costs if you refinance early. Many borrowers split their loan between fixed and variable portions to balance certainty with flexibility.

The formula is M = P x [r(1+r)^n] / [(1+r)^n - 1], where r is the monthly rate converted from semi-annual compounding, as required by Canadian mortgage law. Semi-annual compounding slightly reduces the effective rate compared to monthly compounding.

The minimum is 5% on homes under CA00,000; 5% on the first 00k and 10% on the portion between 00k and 99,999; and 20% on properties CA,000,000 or more. Homes under CAm with less than 20% down require CMHC mortgage insurance.

CMHC insurance is mandatory when your down payment is less than 20%. The premium ranges from 2.80% to 4.00% of the loan amount and is added to your mortgage balance. It allows Canadians to purchase with as little as 5% down while protecting the lender against default.

The stress test requires applicants to qualify at the higher of: the Bank of Canada minimum qualifying rate (currently 5.25%) or your contracted rate plus 2%. You must prove you can afford payments at a rate 2% above what you are actually being offered.

For insured mortgages (less than 20% down), the maximum is 25 years. For uninsured mortgages (20%+ down), lenders can offer up to 30 years. A 30-year amortisation became available to insured first-time buyers purchasing new construction in 2024.