Mortgage Calculator

Estimate your monthly mortgage payment based on home price, down payment, interest rate, and loan term, helping you budget before buying.

Loan amount ($)

Interest rate (%)

Term (years)

$1342.05

Monthly

$483139.46

Total

$233139.46

Interest

About the Mortgage Calculator

A mortgage calculator estimates your monthly mortgage payment based on home price, down payment, interest rate, and loan term, helping you budget before buying a home.

The monthly payment formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

M= monthly payment

P= loan principal (home price minus down payment)

r= monthly interest rate (annual rate divided by 12)

n= total number of monthly payments (loan term in years × 12)

This calculates principal and interest only. Property taxes, homeowners insurance, and mortgage insurance are separate costs not included in this formula.

How to use

Enter the home price, down payment amount, interest rate, and loan term.

View your estimated monthly principal and interest payment.

Adjust any field to see how it changes your monthly payment.

Worked examples

Example calculation

A $400,000 home with a $80,000 down payment, a 6.5% annual interest rate, and a 30-year term.

Input

P = $320,000, r = 0.065/12, n = 360

Result

Monthly payment ≈ $2,022

Over the full 30-year term, this adds up to roughly $727,920 paid, of which about $407,920 is interest.

Limitations

This estimate covers principal and interest only, and does not include property taxes, homeowners insurance, private mortgage insurance, or HOA fees, all of which typically add to your actual monthly payment.

Frequently asked questions

Does this include property taxes and insurance?

Basic calculations typically cover principal and interest only. Taxes, homeowners insurance, and mortgage insurance would need to be added on top for a full monthly estimate.

How does a larger down payment affect my payment?

A larger down payment reduces the loan amount, which lowers both your monthly payment and the total interest paid over the loan.

Explore more tools in the Calculators category.