Mortgage Calculator
Estimate your monthly mortgage payment in seconds. Enter the home price, your down payment, the interest rate and the loan term, and this free mortgage calculator shows your monthly payment along with the total interest you will pay over the life of the loan.
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Result
Principal and interest only. Property taxes, homeowners insurance and HOA fees are extra.
How to use
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Save ⟶How to use the Mortgage Calculator
- 1Enter home price in the form on the left.
- 2Fill in the remaining fields — the result updates automatically as you type.
- 3Review the highlighted result and the supporting breakdown on the right.
- 4Use Copy, Share or Print to save or send your result.
How the mortgage payment is calculated
A fixed-rate mortgage uses the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate and n is the total number of monthly payments. Early payments are mostly interest; over time a growing share of each payment reduces the principal.
The size of your down payment matters twice: it reduces the amount you borrow and, when it reaches 20% of the purchase price, it usually removes the need for private mortgage insurance (PMI), lowering your true monthly cost.
Tips for lowering your monthly payment
A longer term lowers the monthly payment but increases total interest dramatically — on a typical 30-year loan you can pay more in interest than the original principal. Compare 15-year and 30-year results in the calculator to see the trade-off.
Even a small rate difference compounds: on a $240,000 loan, 0.5% less interest saves tens of thousands of dollars over 30 years. Shopping at least three lenders and improving your credit score before applying are the most reliable ways to cut the rate.
Frequently Asked Questions
▸Does this mortgage calculator include taxes and insurance?
No. It calculates principal and interest only. Add your monthly property tax, homeowners insurance and any HOA dues on top to estimate your full housing payment.
▸What is a good down payment?
20% of the purchase price avoids private mortgage insurance in most cases, but many loans allow 3–5% down. A larger down payment lowers both your monthly payment and total interest.
▸Should I choose a 15-year or 30-year mortgage?
A 15-year loan has higher monthly payments but a lower rate and far less total interest. A 30-year loan is easier on monthly cash flow. Run both terms in this calculator and compare the totals.