Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and total cost.
Inputs
Allowed range: 0 to 100000000
Allowed range: 0 to 100
Allowed range: 1 to 50
Results
How it works
We use the standard amortization formula: M = P · r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Complete guide
A mortgage is a long-term loan secured by the property you're buying. Most home loans use fixed monthly payments that are split between interest (paid to the lender) and principal (which reduces the balance you owe). In the early years almost every dollar goes to interest; in the later years the split flips toward principal.
To use this calculator, enter the amount you actually need to borrow (purchase price minus your down payment), the annual interest rate the lender quoted, and the number of years to repay. Most U.S. mortgages run 15 or 30 years — a shorter term means a higher monthly payment but far less total interest.
Example: a $300,000 loan at 6.5% for 30 years gives a monthly payment near $1,896 and roughly $382,000 in interest over the life of the loan. Cutting the rate by just 0.5% saves tens of thousands of dollars, which is why shopping multiple lenders matters.
Keep in mind this estimate covers principal and interest only. Your real monthly bill will also include property taxes, homeowners insurance, and (if you put down less than 20%) private mortgage insurance.
Frequently asked questions
- Does this include taxes and insurance?
- No. The result shows only principal and interest. Add roughly 1–2% of the home value per year for property taxes and insurance to estimate the full payment.
- What's the difference between a 15- and 30-year mortgage?
- A 15-year loan has a higher monthly payment but a lower interest rate and dramatically less total interest. A 30-year loan is easier to afford monthly but costs much more over time.
- How much can rates change my payment?
- Each 1% increase in rate raises a typical monthly payment by roughly 10–12% on a 30-year mortgage. Even small differences add up to thousands per year.
- Should I make extra payments?
- Extra principal payments shorten the loan and cut interest substantially. Just confirm your lender applies the extra to principal, not future interest.