Mortgage Calculator

Estimate your monthly mortgage payment

Enter the home price, your down payment, the annual interest rate, and the loan term in years. The calculator subtracts the down payment from the home price to get your loan amount, then applies the standard amortization formula to find the fixed monthly principal-and-interest payment. It also shows the total amount you will pay over the life of the loan and how much of that is interest. Results update live as you type, so you can compare scenarios instantly.

The amortization schedule breaks the loan down year by year. Early on, most of each payment goes toward interest; as the balance falls, more goes toward principal, and the remaining balance reaches zero in the final year. This tool covers principal and interest only — it does not include property taxes, homeowners insurance, HOA dues, or mortgage insurance (PMI), which lenders often bundle into a single monthly escrow payment.

FAQ

How is the monthly payment calculated? It uses the standard amortizing-loan formula on the loan amount (home price minus down payment) for the rate and term you enter, giving a fixed monthly principal-and-interest payment.

Does this include taxes and insurance? No. The figure is principal and interest only. Your real monthly bill may be higher once property taxes, homeowners insurance, and any PMI or HOA fees are added.

How much should my down payment be? A larger down payment lowers your loan amount, your monthly payment, and total interest. Many conventional loans target 20% to avoid private mortgage insurance, but the right amount depends on your savings and goals.

Is anything I enter sent anywhere? No. Every calculation runs entirely in your browser; nothing is uploaded or stored.