Mortgage Calculator
Work out your monthly mortgage payment, total interest and yearly balance in seconds.
How to use: Enter the home price, down payment, interest rate and loan length. Your monthly payment appears below.
How to use the Mortgage Calculator
Enter the purchase price of the home and the amount you plan to pay up front. The calculator subtracts your down payment to find the loan amount, then applies the standard amortization formula to your yearly interest rate and loan term. Your principal and interest payment stays the same every month for a fixed-rate loan.
Most lenders also collect property tax and homeowners insurance through an escrow account, so add those yearly amounts to see the realistic monthly figure. Condo or HOA fees can be entered separately because they are paid monthly rather than yearly.
The yearly breakdown table shows how much of your payments go to principal versus interest. In the early years most of each payment is interest; by the final years nearly all of it reduces the balance. Try a shorter term or a larger down payment to see how much total interest you could avoid.
This tool provides an estimate for planning. It does not include private mortgage insurance, closing costs, or rate changes on adjustable loans, so confirm exact numbers with your lender.
Frequently asked questions
How is a monthly mortgage payment calculated?
The payment uses the formula M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments. Taxes, insurance and fees are added on top.
Does a bigger down payment lower my interest?
Yes. A larger down payment reduces the amount you borrow, which lowers both the monthly payment and the total interest paid over the life of the loan.
Are the results exact?
They are close estimates. Actual payments can differ because of lender fees, mortgage insurance, rounding and tax changes.