Does this include taxes and insurance?
No. This version estimates principal and interest only.
Finance
Mortgage Calculator
Enter the home price, your down payment, interest rate, and loan term to see what your monthly mortgage payment would be.
Live calculator output
Enter home price, down payment, rate, and term to estimate the mortgage payment.
How it works
The mortgage payment is calculated using the standard amortization formula: M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the total number of monthly payments.
The calculator also shows total interest paid over the life of the loan, which can be surprisingly large on a 30-year mortgage. Even a small difference in interest rate has a significant effect on total cost over decades.
Practical example
A 420,000 home with an 84,000 down payment (20%) leaves a 336,000 mortgage. At 6.2% interest over 30 years, the monthly payment is approximately 2,057.
Over the full term you pay about 740,684 total — meaning 404,684 in interest alone. Switching to a 15-year term raises the payment to 2,879 but cuts total interest to 182,143.
Frequently asked questions
Can I use 15-year and 30-year terms?
Yes. Enter any term length in years.
Why does a small rate change affect payment so much?
Mortgage terms are long, so even small interest changes can significantly impact total repayment.
What is PMI and is it included?
PMI (Private Mortgage Insurance) is usually required when the down payment is less than 20%. This calculator does not include PMI, taxes, or insurance.
Should I choose a 15-year or 30-year mortgage?
A 15-year term has higher monthly payments but saves significantly on total interest. A 30-year term is more affordable monthly but costs much more over time.
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