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Mortgage Calculator

Calculate your mortgage payment, total interest, and full amortization schedule. Enter your home price, down payment, interest rate, and loan term to instantly see your estimated monthly mortgage payment and total interest paid.

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Read: How to Calculate Your Mortgage Payment ->

What is Mortgage Calculator?

A mortgage calculator estimates your monthly principal and interest payment based on the loan amount, interest rate, and loan term. Monthly payments are computed using the standard amortization formula, which keeps your payment flat while shifting the ratio from mostly-interest in early years to mostly-principal later. What this calculator does not include is your total monthly housing cost: property taxes, homeowner's insurance, and — if your down payment is under 20% — Private Mortgage Insurance (PMI). These extras can add $400–$800 or more per month depending on your market and home price. Always budget for the full payment, not just principal and interest, to avoid being caught short after closing.

How to use

  1. Enter the home price — the full purchase price, not the loan amount.
  2. Enter your down payment as a dollar amount or percentage. A 20% down payment eliminates PMI.
  3. Enter the annual interest rate. Use your lender's quoted rate or a current market benchmark.
  4. Choose your loan term: 30 years for lower payments, 15 years for less total interest.
  5. Click Calculate to see your monthly P&I payment, total interest, and full amortization schedule.
  6. Add estimated property taxes, insurance, and PMI to the result to get your true monthly housing cost.

Why it matters

A 0.5% difference in interest rate can cost or save tens of thousands of dollars over a 30-year loan. Running multiple scenarios — different rates, terms, and down payments — before making an offer gives you negotiating leverage and protects you from overextending. Many buyers focus on the monthly payment without seeing the total interest: a $400,000 home at 7% for 30 years costs over $558,000 in interest alone. Understanding the full picture helps you choose the right loan product, decide whether a larger down payment is worth delaying your purchase, and recognize when a 15-year loan is actually affordable for your budget.

Pro tip

Before applying, get pre-approved by at least two or three lenders. Mortgage rates are negotiable, and even 0.25% translates to $30–$50 per month on a typical loan. Also evaluate whether paying discount points upfront makes sense for your timeline: one point (1% of the loan amount) typically lowers your rate by 0.25%, with a break-even of about 4–6 years.

Frequently Asked Questions

A mortgage calculator estimates your monthly principal and interest payment based on the loan amount, interest rate, and loan term. It also shows total interest paid over the life of the loan and can display a full amortization schedule.
This calculator shows principal and interest only. To estimate your full monthly housing cost, add property taxes, homeowner insurance, and — if your down payment is under 20% — Private Mortgage Insurance (PMI) to the payment shown.
Mortgage rates change daily based on economic conditions. As of 2024-2025, rates have been in the 6-8% range for 30-year fixed mortgages. Compare current rates at LendingTree or Bankrate for the most up-to-date figures.
A larger down payment reduces your loan amount, lowering both your monthly payment and total interest. Putting down 20% or more also eliminates the need for PMI, which can save you hundreds of dollars per month.
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. It protects the lender if you default and usually adds 0.5-1.5% of the loan amount to your annual cost. PMI can be removed once you reach 20% equity.
A widely used guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs and no more than 36% on all debt combined. Use our Home Affordability Calculator for a more detailed estimate based on your specific income and debts.
A 15-year mortgage has higher monthly payments but you pay far less total interest and build equity much faster. A 30-year mortgage has lower monthly payments, offering more budget flexibility, but the total interest paid over the life of the loan is significantly higher.
A 15-year mortgage has higher monthly payments but much less total interest. A 30-year mortgage has lower payments and more flexibility, but you pay significantly more interest over the life of the loan.
This calculator provides a reliable estimate of your principal and interest payment. Actual lender quotes may differ slightly due to how interest is compounded, rounding, and any loan-specific fees. Always confirm the final numbers with your lender before committing.
A larger down payment reduces your loan amount (lowering monthly payments and total interest), may eliminate PMI, and gives you immediate equity in your home.