Mortgage Calculator

Estimate your monthly mortgage payments.

Buying a home is the biggest purchase most people ever make, and your monthly payment determines what you can afford. Our mortgage calculator estimates your monthly payment from the loan amount, interest rate, and loan term, and shows the total interest you will pay over the life of the loan. Compare 15-year and 30-year terms, see how a slightly lower rate saves thousands, and make confident decisions about your budget. Whether you are a first-time buyer or refinancing, this free tool helps you understand your numbers before you talk to a lender.

Calculate Your Mortgage

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How to Use the Mortgage Calculator

Our free mortgage calculator helps you estimate your monthly home loan payments. Enter the loan amount, annual interest rate, loan term (in years), and down payment. The calculator instantly shows your estimated monthly payment (principal & interest), total amount paid over the loan term, and total interest cost.

Example Calculations

  • $300,000 loan at 6.5% for 30 years with $60,000 down: Loan amount = $240,000. Monthly payment = $1,517. Total paid = $545,952. Total interest = $305,952.
  • $200,000 loan at 7% for 15 years: Monthly payment = $1,798. Total paid = $323,586. Total interest = $123,586. Note the higher payment but much less interest than a 30-year term.
  • $150,000 loan at 6% for 30 years: Monthly payment = $899. Total paid = $323,758. Total interest = $173,758. A lower rate saves thousands over the life of the loan.

Frequently Asked Questions

How is my monthly mortgage payment calculated?
Your monthly payment is calculated using the loan amount, interest rate, and loan term with the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1]. This formula distributes your payments evenly across the loan term.

How much house can I afford?
A common rule is that your monthly housing costs should not exceed 28% of your gross monthly income. For example, if you earn $6,000/month, your housing payment should be at most $1,680. Use our calculator to find a comfortable payment for your budget.

What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It protects the lender if you default. PMI can typically be removed once you reach 20% equity in your home, either through payments or appreciation.

What affects my mortgage payment?
Your mortgage payment depends on the loan amount, interest rate, loan term, property taxes, and insurance. This calculator estimates principal and interest only — remember to budget for taxes and insurance separately.

What is the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage has the same interest rate for the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) has a rate that can change periodically based on market conditions, often starting lower but carrying future uncertainty.

Also try our Loan Calculator, Compound Interest Calculator, and other free tools.