Mortgage Calculator
Calculate your monthly mortgage payment and total interest costs. Perfect for home buyers and financial planning.
Calculate Mortgage Payment
Mortgage Tips
- Shorter terms mean less total interest paid but higher monthly payments
- Consider your credit score - it affects your interest rate
- Factor in taxes, insurance, and HOA fees not included here
- Aim for a 20% down payment to avoid PMI (Private Mortgage Insurance)
How the Mortgage Calculator Works
The mortgage calculator estimates a monthly home-loan payment from property price, down payment, interest rate and term. It helps buyers test affordability before speaking with a lender.
Formula
Mortgage payment uses the standard amortization formula: P x r(1 + r)^n / ((1 + r)^n - 1), based on loan balance, monthly rate and number of payments.
Example
Increasing the down payment reduces the borrowed amount, which lowers both the monthly payment and the total interest paid over the mortgage.
Limitations
Real mortgage costs may include property tax, insurance, HOA dues, closing costs, private mortgage insurance and rate changes.
How to use the result responsibly
- Check that every input uses the unit and time period shown beside the field.
- Compare the result with the worked example and formula above.
- For financial, tax, health, or legal decisions, confirm current rules with a qualified professional or the relevant authority.
Frequently Asked Questions
Does this include taxes and insurance?
Use the calculator result as the loan principal-and-interest estimate unless the page fields explicitly include extra costs.
Why does down payment matter so much?
A larger down payment reduces the loan balance and may also help avoid extra lender insurance in some markets.
Related Tools
Editorially reviewed August 18, 2026. Read our calculation methodology and editorial policy.