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Mortgage Calculator

Calculate your monthly payment, total interest, and full amortization schedule instantly.

Calculate Your Mortgage Payment

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Down payment: 20.0%
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Monthly Payment (P&I)
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$0
Total Monthly (with tax & ins.)
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Loan Amount
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Total Interest Paid
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Total Cost of Loan

How to Use This Mortgage Calculator

Enter your home price, down payment amount, interest rate, and loan term to instantly see your estimated monthly mortgage payment. We also show the full amortization schedule so you can see exactly how much of each payment goes toward principal vs. interest over time.

A larger down payment reduces your loan amount and eliminates the need for PMI (private mortgage insurance) if you put down at least 20%. Even a small reduction in your interest rate can save you tens of thousands of dollars over the life of a 30-year mortgage.

Mortgage Calculator FAQ

What is a good mortgage interest rate?
A "good" rate depends on market conditions, your credit score, loan type, and down payment. Generally, rates within 0.5% of the current national average for your loan type are considered competitive. Check current rates from multiple lenders before deciding.
How much house can I afford?
A common guideline is to keep your total housing costs (mortgage, taxes, insurance) below 28% of your gross monthly income. Use this calculator to find a payment that fits that range for your income.
What's the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has a higher monthly payment but a significantly lower interest rate and you pay far less total interest. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but you'll pay more interest overall.
Does this include PMI?
This calculator does not automatically include PMI. If your down payment is less than 20%, add your estimated PMI cost (typically 0.5%–1.5% of the loan per year) to the property tax/insurance fields as an approximation.
How is monthly mortgage payment calculated?
The formula is: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P = loan principal, r = monthly interest rate, and n = number of monthly payments. This calculator does all that math instantly for you.