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Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and amortization timeline. Free, no signup, instant results.

Mortgage Payment Calculator

Result
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How it works

The calculator computes your monthly payment using the standard mortgage formula:

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where M is the monthly payment, P is the loan amount (price minus down payment), r is the monthly interest rate (annual ÷ 12), and n is the total number of months (years × 12).

This gives the principal + interest portion only. Property tax, insurance, and HOA fees are added separately by your lender.

What to know

  • The 28/36 rule. Keep total housing cost (PITI) under 28% of gross income, total debt payments under 36%.
  • 20% down avoids PMI. Below 20% you usually pay private mortgage insurance, often 0.3% to 1.5% of the loan annually.
  • Shorter terms save big. A 15-year mortgage costs ~50% more per month but saves ~60% in total interest vs a 30-year.
  • Rate matters more than price. A 1% rate change is often a bigger swing in monthly cost than a $20,000 price change.

Worked example

Buying a $400,000 home with 20% down ($80,000) at 6.5% on a 30-year fixed:

  • Loan amount: $320,000
  • Monthly payment (P&I): ~$2,022
  • Total interest paid over 30 years: ~$408,000
  • Total cost of the loan: ~$728,000

Frequently asked questions

What is the 28/36 rule?

Lenders typically want your housing costs to stay under 28% of gross monthly income, and total debt payments under 36%. Going over either threshold makes approval harder and stretches your budget thin.

Should I take a 15-year or 30-year mortgage?

30-year is more flexible (lower required payment) but costs 60% more in interest. 15-year saves money but the higher payment leaves less room for other goals like investing or emergencies.

Does this calculator include taxes and insurance?

No. It shows principal and interest only. Add 1 to 2.5% of the home price annually for property tax, plus $1,000 to $2,500 for insurance, divided by 12 for the monthly figure.

What is PMI and when do I pay it?

Private mortgage insurance is required when your down payment is under 20%. It typically costs 0.3 to 1.5% of the loan per year and drops off automatically when you reach 22% equity.