Mortgage Calculator
Estimate your monthly mortgage payment, total payment, and total interest over the life of the loan.
The total purchase price of the home.
The amount paid upfront.
Annual interest rate (e.g. 6.5 for 6.5%).
Enter as decimal for partial years (e.g. 15.5).
For informational purposes only. Consult a lender for exact figures.
Learn More About Mortgage Calculator
How this mortgage calculator works
This calculator estimates your payment using four main inputs: home price, down payment, interest rate, and loan term. It first subtracts the down payment from the purchase price to determine your loan amount, then applies the interest rate and repayment term to estimate recurring payments.
If you switch the term unit to monthly or bi-weekly, the calculator keeps the same loan math but shows payments in the cadence you choose. That makes it useful for comparing common repayment strategies before you talk to a lender.
Example mortgage payment
Suppose you buy a $300,000 home with a $60,000 down payment. That leaves a $240,000 mortgage balance. At 6.5% interest over 30 years, your monthly principal-and-interest payment is a little over $1,500.
Shortening the term to 15 years usually raises the monthly payment, but it can dramatically reduce total interest. Increasing the down payment has a similar effect by lowering the amount you borrow in the first place.
What to compare before choosing a mortgage
Focus on more than the monthly payment. Two loans can look similar on a monthly basis but have very different total costs depending on rate, fees, and term length.
It helps to compare the full repayment picture: loan amount, monthly payment, total interest, and how long it takes to pay off the loan. Once you have a payment range that fits your budget, you can review taxes, insurance, and closing costs separately with your lender.
Sources and references
This calculator estimates principal-and-interest payments using a standard fixed-rate amortizing loan formula. Taxes, insurance, mortgage insurance, closing costs, and lender-specific fees are not included in the estimate unless a lender discloses them separately.
- Consumer Financial Protection Bureau: How mortgage lenders calculate monthly payments
- Consumer Financial Protection Bureau: Principal and interest payment versus total monthly mortgage payment
For a real loan decision, compare official lender disclosures like the Loan Estimate instead of relying on a calculator alone.
Frequently Asked Questions
What does a monthly mortgage payment include?
A typical mortgage payment includes principal (the amount borrowed), interest (the lender's charge), and often property taxes and homeowner's insurance — though this calculator focuses on principal and interest only.
How does a larger down payment affect my mortgage?
A larger down payment reduces the loan amount, which lowers your monthly payment and the total interest you pay over the life of the loan. It also helps you avoid private mortgage insurance (PMI), which is typically required when down payment is less than 20%.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest paid over the life of the loan. A 30-year mortgage has lower monthly payments but costs more in total interest because you're paying interest for a longer period.
How does choosing bi-weekly payments help?
Making bi-weekly (every two week) payments results in 26 half-payments per year — equivalent to 13 full monthly payments. This extra payment each year pays down your principal faster, shortening the loan term and saving money on total interest.