Mortgage Payment Calculator

Enter the home price, your down payment percentage, the annual interest rate offered by your lender, and choose between a 15-year or 30-year loan term. The calculator will instantly display your estimated monthly payment, total interest, overall loan cost, and down payment amount in dollars.

Adjust the inputs to compare different scenarios, such as increasing your down payment to lower monthly costs or choosing a shorter term to reduce total interest.

A mortgage calculator is a financial tool that estimates your monthly home loan payment based on the purchase price, down payment, interest rate, and loan duration. It uses the standard amortization formula used by banks and lenders to determine how much of each payment goes toward interest versus principal.

Understanding your mortgage payment helps you set a realistic home-buying budget, compare loan offers, and plan your long-term finances. This calculator covers fixed-rate mortgages, the most common type of home loan.

The standard fixed-rate mortgage payment formula is:

M = P × [r(1 + r)^n] / [(1 + r)^n − 1]

• M = Monthly payment
• P = Loan principal (home price minus down payment)
• r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
• n = Total number of payments (loan term in years × 12)

Example: A home priced at $350,000 with a 20% down payment ($70,000), a 6.5% interest rate, and a 30-year term results in a loan amount of $280,000. The monthly payment would be approximately $1,770. Over 30 years, you would pay about $357,300 in interest, for a total cost of roughly $637,300.