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Mortgage Calculator

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Estimate your monthly mortgage payment before you shop for a home. Enter the home price, your down payment, the interest rate, and the loan term to see your principal-and-interest payment, total interest, and total cost.

Mortgage Calculator

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Monthly payment (P&I)
$1,724.01
Loan amount
$280,000.00
Total interest
$340,643
Principal and interest only — doesn't include property tax, insurance, or HOA fees.

The mortgage payment formula

M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]

P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12).

Example

A $350,000 home with a $70,000 down payment leaves a $280,000 loan. At 6.25% over 30 years: r = 0.005208, n = 360 → M ≈ $1,724.01/month, with roughly $340,643 in total interest over the life of the loan.

Step-by-step guide

  1. Enter the home price you're considering.
  2. Enter your down payment. The calculator subtracts this to get your loan amount automatically.
  3. Enter the interest rate your lender quoted, or a current average rate to estimate.
  4. Enter the loan term — 30 years and 15 years are the most common.

Common mistakes

Assuming this number is your full monthly housing cost — it doesn't include property tax, homeowners insurance, PMI, or HOA dues, which can add hundreds of dollars a month.
Comparing a 15-year and 30-year term only by monthly payment — the 15-year has a higher payment but usually a lower rate and dramatically less total interest.

Frequently asked questions

Does this include property tax and insurance?

No — this is principal and interest only. Lenders often bundle tax and insurance into an escrow payment on top of this figure, so ask for a full estimate before budgeting.

What down payment do I need?

It varies by loan program — conventional loans often ask for 5–20%, while some government-backed programs allow much less. A down payment under 20% often means paying for mortgage insurance (PMI).

How does the interest rate affect my payment?

Even a small rate change has a big effect over 30 years. Try adjusting the rate up or down by 0.5% in the calculator above to see the difference in both your payment and total interest.

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