Mortgage Calculator
Estimate your monthly mortgage payment, including principal, interest, taxes, and insurance.
Mortgage Calculator
Calculate your monthly mortgage payment instantly.
Monthly Payment
0What This Mortgage Calculator Does
This tool calculates your estimated monthly mortgage payment based on the home price, down payment, interest rate, and loan term. It uses the standard amortization formula to break down your payment into principal and interest, and also shows you the total interest you'll pay over the full life of the loan.
How to Use the Mortgage Calculator
Enter the total home price you're considering. Enter your down payment amount. Enter the annual interest rate you expect to receive. Enter the loan term in years. The calculator instantly shows your monthly payment, total loan amount, total interest paid, and total payment over the full loan term.
Pro Tip: A larger down payment reduces your monthly payment and total interest. Aim for at least 20% down to avoid private mortgage insurance (PMI) and get better interest rates.
M = P × (r(1+r)ⁿ) ÷ ((1+r)ⁿ − 1)
Where M = Monthly Payment, P = Loan Amount, r = Monthly Interest Rate, n = Number of Payments
Understanding Your Mortgage Payment
A mortgage payment typically includes four components, often called PITI: Principal (the amount you borrowed), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). This calculator focuses on principal and interest, but you can add estimated taxes and insurance separately to get a full picture of your monthly housing cost.
Frequently Asked Questions
A 20% down payment is ideal because it eliminates the need for private mortgage insurance (PMI) and often qualifies you for better interest rates. However, many lenders accept as little as 3-5% down for first-time homebuyers.
Average mortgage rates vary based on economic conditions, the type of loan, and your credit score. Rates typically range from 5-8% for a 30-year fixed mortgage, but it's always best to check current rates from multiple lenders.
A 15-year mortgage has higher monthly payments but much lower total interest over the life of the loan. A 30-year mortgage has lower monthly payments but costs more in total interest. Choose based on your budget and long-term financial goals.
APR (Annual Percentage Rate) includes the interest rate plus other loan costs like origination fees and closing costs. It's a more complete measure of what you'll actually pay each year, so it's often higher than the advertised interest rate.