Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and full cost of a home loan. Enter the home price, down payment, interest rate, and term. Optionally add property tax and insurance for a complete monthly estimate.
Mortgage calculator
Result
What is this?
A mortgage calculator estimates monthly payments (principal + interest), total interest over the loan term, and total cost. Can include property tax and insurance for a full monthly payment estimate. Loan = home price − down payment. The calculator uses the standard amortization formula. Property tax and insurance are often escrowed, so the total monthly payment includes P&I plus those amounts. A larger down payment reduces the loan amount and may avoid PMI (private mortgage insurance) if you put 20% or more down. Run scenarios to see the impact of different choices.
When to use
Use when house hunting, comparing loan terms, or planning a down payment. Example: $350k home, $70k down, 6.5% for 30 years ≈ $1,770/month P&I. Add tax/insurance for total. Homebuyers determine affordability before shopping. Compare 15-year vs 30-year mortgages. See how a larger down payment reduces payments. Factor in property tax and insurance for true monthly cost. Essential for the biggest financial decision most people make. Plan ahead with different scenarios.
How to use
Monthly P&I = Loan × r × (1+r)^n / ((1+r)^n − 1). Add property tax and insurance for total monthly payment.
Loan = Home price − Down payment. r = monthly rate, n = months.
Frequently asked questions
- A mortgage calculator estimates your monthly payment, total interest, and total cost for a home loan. It helps you compare different loan terms and down payment amounts.
- A full payment often includes: principal and interest (P&I), property taxes, and homeowners insurance. Some loans also include PMI if you put less than 20% down.
- A larger down payment reduces your loan amount, monthly payment, and total interest. It may also help you avoid PMI (private mortgage insurance) if you put 20% or more down.