Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and loan breakdown
How Mortgage Payments Work
Monthly Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
Where P = loan amount, r = monthly rate, n = total payments
Early payments are mostly interest; as years pass, more goes to principal — this is called amortization.
Guide
How it works
A mortgage calculator helps you estimate monthly payments on a home loan. Enter your home price, down payment, interest rate, and loan term to see the full breakdown.
The monthly payment includes principal and interest. Property taxes, insurance, and HOA fees are not included.
What is a good down payment?expand_more
20% is the traditional benchmark — it avoids Private Mortgage Insurance (PMI). However, many loans allow 3–5% down for first-time buyers.
How does the loan term affect my payment?expand_more
A 30-year term gives lower monthly payments but much more total interest. A 15-year term costs more monthly but saves significantly on interest over the life of the loan.
What is not included in this calculator?expand_more
Property taxes, homeowner's insurance, PMI (if down payment < 20%), and HOA fees are not included. Your actual payment may be higher.
Next steps