Mortgage Calculator
Monthly payment, total interest and amortization for any home loan.
How this mortgage calculator works
Enter the home price, your down payment, the annual interest rate and the loan term. The calculator applies the standard amortization formula used by lenders — M = P·r(1+r)n / ((1+r)n−1) — where P is the amount borrowed, r the monthly rate and n the number of monthly payments.
What affects your monthly payment
Three levers move the number most: the interest rate, the loan term and your down payment. A longer term lowers the monthly payment but sharply increases total interest paid. Even a 0.5% rate difference can change lifetime cost by tens of thousands.
Frequently asked questions
Does this include taxes and insurance?
No — this calculates principal and interest (P&I). Property tax, homeowners insurance and PMI are added by your lender on top of this figure.
Is a 15-year or 30-year mortgage better?
A 15-year loan costs far less in total interest but has higher monthly payments. Run both terms here and compare the "total interest" line.