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Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and full loan cost in seconds.
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Monthly Payment
Total Payment
Total Interest
Loan Amount
Calculated in your browser. We never see your numbers.
How to Use This Calculator
Enter your home price in the first field, then add your down payment amount. The calculator will automatically compute your loan amount. Select your desired loan term — 10, 15, 20, 25, or 30 years — and enter the annual interest rate you expect to qualify for (check current rates at your bank or a mortgage comparison site). The results update instantly as you type. You'll see your estimated monthly payment, plus the total you'll pay over the life of the loan and total interest. Use this to compare different loan terms or interest rate scenarios before applying.
Mortgage Payment Formula
The monthly mortgage payment is calculated using the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where M is the monthly payment, P is the principal loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (loan term in years × 12). For a $400,000 loan at 6.5% for 30 years: r = 0.065/12 = 0.005417, n = 360. M = $400,000 × 0.005417 × (1.005417)^360 / ((1.005417)^360 − 1) = $2,528.27 per month. For a 0% interest rate, the formula simplifies to P / n (the principal divided equally across all payments).
Example Calculation
Suppose you're buying a $450,000 home with a $90,000 down payment (20%), leaving a $360,000 loan. At a 7% annual interest rate over 30 years, your monthly payment would be $2,395.36 per month. Over 30 years, you'd pay $862,329.60 total — meaning $502,329.60 in interest on top of your $360,000 principal. If instead you chose a 15-year term at the same rate, your monthly payment jumps to $3,233.25, but total interest drops to $221,985 — saving over $280,000 in interest.
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Frequently Asked Questions
What credit score do I need for a mortgage?
Most conventional loans require a minimum credit score of 620, though scores of 740 or higher typically qualify for the best rates. FHA loans can accept scores as low as 580 with a 3.5% down payment. A higher credit score directly reduces your interest rate, potentially saving thousands over the life of the loan.
What's included in a mortgage payment?
This calculator shows principal and interest only — your actual monthly payment will also include property taxes, homeowner's insurance, and possibly private mortgage insurance (PMI) if your down payment is below 20%. These additional costs vary by location and lender, and can add $300–$1,000 or more per month.
Should I choose a 15 or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity faster. A 30-year mortgage offers lower monthly payments, freeing up cash flow for other investments. Compare both scenarios using this calculator to find the right balance for your budget.
How does down payment affect my monthly payment?
A larger down payment reduces your loan amount, which directly lowers both your monthly payment and total interest paid. Additionally, putting down 20% or more eliminates the need for PMI. Even an extra 5–10% down payment can save tens of thousands of dollars over the life of the loan.
What is PMI and when do I need it?
Private Mortgage Insurance protects the lender if you default and is typically required when your down payment is less than 20% of the home's value. PMI usually costs 0.5–1.5% of the loan amount per year. Once you reach 20% equity, you can typically request PMI removal.
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