Mortgage Calculator
Mortgage Calculator estimates the monthly principal-and-interest payment on a home loan. Enter the home price, your down payment, the interest rate and the term, and it works out the loan amount, the payment and the total interest.
It is a quick way to see what a house might cost each month and how the down payment and rate affect it.
How to use Mortgage Calculator
- 1
Enter the home price and down payment
The loan amount is the price minus your down payment.
- 2
Enter the rate and term
Add the annual interest rate and the term, commonly 15 or 30 years.
- 3
Read the payment
The monthly payment, total interest and total paid appear instantly.
What the payment includes
This calculator covers principal and interest — the part of the payment that repays the loan itself. The monthly figure is derived from the loan amount, the monthly interest rate and the number of payments over the term.
A larger down payment reduces the loan amount and therefore the payment and the total interest.
Beyond principal and interest
Real mortgage payments often also include property taxes, homeowners insurance and, for smaller down payments, mortgage insurance. These vary by location and lender, so add them separately for a full monthly cost.
Comparing a 15-year and a 30-year term is illuminating: the shorter term has a higher monthly payment but far less total interest.
Frequently asked questions
- Does it include taxes and insurance?
- No. It estimates principal and interest only. Add property tax, insurance and any HOA fees separately.
- How does the down payment affect the result?
- The loan amount is the home price minus the down payment, so a larger down payment lowers both the monthly payment and the total interest.
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