Mortgage Calculator
Enter your loan amount, interest rate, and loan term to instantly see monthly payments, total interest paid, and total cost. Includes a visual principal vs interest chart and full yearly amortization schedule.
Estimate includes principal and interest only. Property taxes, insurance, HOA fees, and PMI are not included.
Affordability signal
Use the monthly payment to compare this mortgage against your target monthly housing budget, not just the home price.
Rate sensitivity
A small rate change can materially affect the lifetime interest cost. Test multiple rate scenarios before deciding.
Down payment impact
A larger down payment reduces the loan amount, lowers monthly payments, and may help you avoid PMI.
Principal vs Interest Over Time
What This Mortgage Estimate Helps You Answer
Use this calculator to estimate your monthly mortgage payment, total interest, and full repayment cost before you talk to a lender. It is most useful for comparing scenarios like 10% vs 20% down, 15-year vs 30-year terms, or how a higher interest rate changes the total cost of buying a home.
Budget Check
See whether a target home price fits your monthly payment range before you shop seriously.
Rate Comparison
Compare multiple interest-rate scenarios to understand how sensitive your payment is to even small rate changes.
Term Tradeoffs
Compare a 15-, 20-, and 30-year mortgage to see the balance between lower payments and lower lifetime interest.
How to Use the Mortgage Calculator
- Enter the home price and your down payment (dollar amount or percentage)
- Set the interest rate and choose a loan term (15, 20, or 30 years)
- View your monthly payment, total interest, and total cost instantly
- Check the principal vs interest chart to see how payments shift over time
- Expand the full amortization schedule for a year-by-year breakdown
Important Mortgage Notes
Principal and Interest Only
This estimate focuses on principal and interest. Your real monthly housing cost may also include taxes, homeowners insurance, HOA fees, and private mortgage insurance.
Down Payment Matters
A higher down payment lowers the loan amount and can improve your monthly payment. It may also reduce lending risk and help you avoid PMI at 20% down.
Shorter Terms Cost Less Overall
A shorter mortgage term usually means a higher monthly payment but substantially lower total interest over the life of the loan.
Use It for Scenario Planning
Try several combinations before applying. That gives you a more realistic range and helps you compare tradeoffs before you commit.
Next Steps for Comparing Home Financing
Loan Calculator
Compare general loan payments and test different borrowing amounts, rates, and repayment periods.
Compound Interest Calculator
Estimate what the same monthly payment could build elsewhere and compare financing cost against investment growth.
Currency Converter
Useful for relocation, overseas property research, or comparing home costs across currencies before deeper financing analysis.
Pre-Calculated Mortgage Pages
Jump into common mortgage combinations if you want a fast answer before adjusting the numbers yourself.
Pre-Calculated Mortgage Payments
Browse our pre-calculated mortgage payment pages for instant answers to common scenarios like "$200,000 mortgage at 5%" or "$500,000 mortgage at 7%". Over 650 combinations are available.
Planning Tool, Not Financial Advice
This calculator is designed for quick mortgage planning and comparison. Actual loan offers depend on your credit profile, lender requirements, taxes, insurance, fees, and market conditions.
What Is a Mortgage Calculator?
A mortgage calculator is a financial tool that estimates your monthly mortgage payment based on the loan amount, interest rate, and loan term. It uses the standard amortization formula to compute the fixed monthly payment that will fully pay off the loan by the end of the term, including both principal and interest.
Understanding your mortgage payment before committing to a home purchase is one of the most important steps in financial planning. A mortgage calculator helps you compare different scenarios — varying the down payment, adjusting the interest rate, or choosing between a 15-year and 30-year term — so you can find the option that fits your budget. It also reveals the total interest you will pay over the life of the loan, which is often a surprising amount that exceeds the original loan balance for longer terms. Use this tool to make informed decisions about the biggest financial commitment most people ever make.
Common Use Cases
Home Buying Planning
Determine how much house you can afford by testing different price points, down payments, and interest rates before visiting lenders or realtors.
Refinancing Analysis
Compare your current mortgage payment to a potential refinanced loan to see how much you could save with a lower interest rate or shorter term.
Down Payment Optimization
Experiment with different down payment amounts to understand how they affect monthly payments and total interest paid over the life of the loan.
Budget Forecasting
Project your housing costs accurately for monthly and yearly budgets, ensuring your mortgage payment stays within the recommended 28% of gross income.
Mortgage Tips & Best Practices
Consider a 15-Year Term
A 15-year mortgage has higher monthly payments but dramatically reduces total interest. On a $300,000 loan at 6.5%, you save over $200,000 in interest compared to 30 years.
Put 20% Down When Possible
A 20% down payment eliminates Private Mortgage Insurance (PMI), which typically costs 0.5%–1% of the loan annually, saving you hundreds per month.
Shop Multiple Lenders
Even a 0.25% difference in interest rate can save tens of thousands over the life of a 30-year mortgage. Always get quotes from at least three lenders.
Account for Total Housing Cost
Your monthly mortgage payment is only part of housing costs. Budget for property taxes, homeowners insurance, HOA fees, and maintenance (about 1% of home value per year).
Mortgage Term Comparison ($300,000 at 6.5%)
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 15 years | $2,613 | $170,388 | $470,388 |
| 20 years | $2,239 | $237,260 | $537,260 |
| 30 years | $1,896 | $382,633 | $682,633 |