Mortgage Calculator
Estimate your monthly principal & interest, loan amount and total cost from price, down payment, rate and term.
Estimate your mortgage payment
The Mortgage Calculator estimates your monthly principal-and-interest payment based on the home price, your down payment, the interest rate, and the loan term. It also shows the loan amount, total interest, and total paid over the life of the loan. Enter your numbers and see the results instantly — a great first step when house hunting.
How a mortgage payment is built
Your monthly mortgage payment on the loan itself comes from the loan amount (home price minus down payment), spread over the term using the amortization formula. A bigger down payment means a smaller loan and a lower payment. A lower rate or shorter term reduces the total interest. This calculator focuses on principal and interest — the core of the payment.
What's not included
A real mortgage payment often includes more than principal and interest. Lenders frequently bundle in property taxes, homeowners insurance, and sometimes private mortgage insurance (PMI) and HOA fees — together often called "PITI." Those vary by location and lender, so this tool estimates the loan portion; add your local taxes and insurance for the full monthly cost.
How to use it
- Enter the home price and your down payment.
- Enter the interest rate and term.
- Read your monthly payment, loan amount, and total cost.
The impact of your down payment
| Down payment | Effect |
|---|---|
| Larger | Smaller loan, lower payment, often avoids PMI at 20%+ |
| Smaller | Lower upfront cost, higher payment and interest |
Tips for buyers
- Aim for 20% down where possible to avoid PMI and lower your payment.
- Compare lenders by APR, which includes some fees.
- A 15-year term costs more monthly but far less interest than 30 years.
- Budget for taxes and insurance on top of this estimate.
Private and free
All calculations run in your browser — nothing is uploaded. The tool is completely free; confirm exact figures with your lender.
Frequently asked questions
Does this include taxes and insurance?
No. It estimates principal and interest only. Add property taxes, insurance, and any PMI/HOA for the full monthly cost.
How does the down payment affect my payment?
A larger down payment reduces the loan amount, lowering your monthly payment and total interest — and 20%+ often avoids PMI.
Is a 15- or 30-year term better?
15 years means higher payments but much less total interest; 30 years lowers the payment but costs more overall.
Is it free?
Yes, completely free with no sign-up, running entirely in your browser.