Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and loan amount.

Total purchase price of the home.

Amount paid upfront (same currency as price).

Percentage, e.g. 6 for 6%.

Result—

Enter your values and calculate to see the result.

Formula used

M = P * [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
where P = loan principal (price − down payment),
      r = monthly interest rate (annual rate ÷ 12 ÷ 100),
      n = number of monthly payments (years × 12)
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Worked example

Home price: $350,000   Down payment: $70,000 (20%)

Loan amount (P): $280,000   Rate: 6%   Term: 30 years

Monthly rate (r): 6 ÷ 12 ÷ 100 = 0.005   Payments (n): 360

Result: M ≈ $1,678.74 per month, with about $324,346.93 total interest over the loan.

Frequently asked questions

Does this mortgage calculator include taxes and insurance?

No. It estimates the principal-and-interest portion of your payment only. Property taxes, homeowner's insurance, and PMI are billed separately and vary by location and lender.

How much difference does a larger down payment make?

A larger down payment reduces the loan principal, which lowers both your monthly payment and the total interest you pay over the life of the loan. It can also help you avoid private mortgage insurance.

Why choose a 15-year term over 30-year?

A 15-year mortgage has a higher monthly payment but accrues far less total interest because the balance is paid off in half the time. A 30-year term keeps payments lower but costs more overall.

What interest rate should I enter?

Enter the fixed annual rate from a loan estimate or pre-approval. If you have an adjustable-rate mortgage, this calculator models only the starting fixed rate.