Estimate your monthly mortgage payment, total interest, and total loan cost.
| Home Price | |
| Down Payment | |
| Annual Interest Rate (%) | |
| Loan Term |
How to Use the Mortgage Calculator
Enter the home price, down payment, annual interest rate and loan term to estimate monthly principal and interest.
Practical Example
A USD 300,000 mortgage at 6.5% for 30 years produces a principal-and-interest payment of roughly USD 1,896 per month.
Factors That Affect the Result
Taxes, insurance, HOA fees, mortgage insurance, closing costs and rate changes can increase the real monthly housing cost.
Frequently Asked Questions
Does this include property tax?
Only if the calculator specifically provides that field.
Does a larger down payment reduce the payment?
Yes, because it lowers the financed amount.
Is this a lender quote?
No. It is an estimate.
Related Tools
- Home Affordability Calculator
- Mortgage Refinance Calculator
- Mortgage Payoff Calculator
- Biweekly Mortgage Calculator
- Amortization Calculator
What a Mortgage Payment Estimate Includes
A standard mortgage calculation uses the loan principal, interest rate, and repayment term to estimate the recurring principal-and-interest payment. Longer terms usually reduce the monthly payment but can increase total interest, while a lower rate can reduce both the payment and long-term borrowing cost.
Costs Beyond Principal and Interest
The amount paid for housing may also include property taxes, homeowners insurance, mortgage insurance, association fees, maintenance, and closing costs. These items are not automatically part of every mortgage formula, so compare the calculator inputs with the costs relevant to your situation. Interest rates may also be fixed or variable.
Use Scenarios, Not a Single Number
Try different down payments, rates, and terms to understand how each assumption changes affordability. The result is an estimate rather than a lender quote; actual approval, fees, rate, and payment schedule depend on the loan product and borrower circumstances.
Principal and Interest Payments
A standard fixed-rate mortgage payment is calculated from the loan principal, periodic interest rate and number of payments. Early payments generally contain a larger interest component, while more of each payment goes toward principal later in the amortization schedule.
Costs Beyond the Mortgage Payment
A complete housing payment may also include property taxes, homeowners insurance, mortgage insurance, association fees and other costs. Unless entered explicitly, these expenses are not automatically represented by a principal-and-interest calculation.
Rate, Term and Total Interest
A longer loan term can reduce the scheduled monthly payment while increasing total interest over the life of the loan. Interest rate changes can also have a large effect on both payment and total borrowing cost, so compare scenarios rather than focusing only on the monthly figure.