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Mortgage Calculator

Calculate your monthly mortgage payment and see total interest paid over the life of the loan. Enter the loan amount, annual interest rate, and loan term.

Total purchase price of the home.
Amount you are paying upfront.
e.g. 6.5 for 6.5%.
Length of the mortgage.
Result:
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How the Mortgage Calculator Works

This calculator uses the standard principal and interest (P&I) amortization formula to determine your fixed monthly payment. The formula is: monthly payment = L × (r × (1 + r)^n) / ((1 + r)^n − 1), where L is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of payments (years × 12). For example, a $280,000 loan at 6.5% for 30 years produces a monthly payment of about $1,770. The total cost is that payment multiplied by 360 months, and total interest is the total cost minus the original loan amount.

Keep in mind this calculator covers principal and interest only. Your full monthly housing cost — often called PITI — also includes property taxes, homeowner's insurance, and possibly Private Mortgage Insurance (PMI) if your down payment is less than 20%. A fixed-rate mortgage keeps your P&I payment the same for the entire term, while an adjustable-rate mortgage (ARM) can change after an initial fixed period. Most buyers choose a 15-year or 30-year fixed mortgage for predictability. A shorter term means higher monthly payments but dramatically less interest paid overall.

Mortgage Calculator — FAQ

Does this include property taxes and insurance?
No. This calculator shows principal and interest only. Your actual monthly payment (PITI) will also include property taxes, homeowner's insurance, and possibly PMI. Add those separately for a complete picture.
What is PMI?
PMI stands for Private Mortgage Insurance. It is typically required when your down payment is less than 20% of the home price. PMI protects the lender and usually costs 0.5%–1.5% of the loan amount per year.
How does the down payment affect my payment?
A larger down payment reduces the loan principal, which directly lowers your monthly payment and total interest paid. It can also eliminate the need for PMI if you reach 20% or more of the home's value.
Should I choose a 15 or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay far less interest overall. A 30-year mortgage has lower payments but significantly more total interest. Choose based on your budget and how long you plan to stay in the home.

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Last updated: March 2026