Mortgage Calculator
Estimate your monthly mortgage payment in seconds. The mortgage calculator takes your home price, down payment, loan term, and interest rate and applies the amortization formula to show your fixed monthly payment plus the principal and total interest over the full term. It is the fastest way to understand what a home really costs.
Monthly Payment
$0
$0
Principal
$0
Total Interest
$0
Total Payment
| Year | Interest | Principal | Balance |
|---|
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How to Use the Mortgage Calculator
- Enter the home price you are considering.
- Add your down payment as a dollar amount or percentage — both update automatically.
- Choose the loan term (commonly 15, 20, or 30 years).
- Enter the annual interest rate you expect to qualify for.
- Click Calculate to see your monthly payment, principal, total interest, and total payment.
- Tick Show amortization table to view a year-by-year breakdown of principal and interest.
Formula Used
- P
- — principal (home price minus down payment)
- r
- — monthly interest rate (annual rate / 12 / 100)
- n
- — total number of monthly payments (years × 12)
Example: A $280,000 loan (after a $70,000 down payment on a $350,000 home) at 7% for 30 years gives a monthly rate of 0.005833 and 360 payments, yielding a monthly payment of about $1,862.
Frequently asked questions
Everything you need to know about this calculator.
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