About the Mortgage Calculator
Wondering what a home will actually cost each month? Enter the purchase price, your down payment, the interest rate and the loan term, and this mortgage payment calculator returns your monthly principal-and-interest payment instantly. It uses the standard amortization formula lenders rely on, so the figure matches what you'd see on a real loan estimate. Everything computes in your browser the moment you type — no forms to submit, no account to create.
Beyond the monthly number, the calculator breaks down the true price of borrowing: total interest paid over the life of the loan and the full amount you'll hand over by the final payment. Compare a 15-year term against a 30-year one, test how a bigger down payment shrinks interest, or check whether a half-point rate drop is worth refinancing for. It's a fast way to pressure-test any home-buying scenario before talking to a lender.
Features
- Monthly payment from price, down payment, rate and term
- Total interest and total amount paid over the loan
- Standard amortization formula used by real lenders
- Compare 15, 20 and 30-year terms in seconds
- Updates instantly as you change any input
- Free, runs in your browser, no sign-up
How to calculate your monthly mortgage payment
- Enter the home price you expect to pay.
- Add your down payment amount.
- Set the annual interest rate your lender quoted.
- Choose the loan term, such as 15 or 30 years.
- Read your monthly payment, total interest and total paid.
Frequently asked questions
How is the monthly mortgage payment calculated?
The calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount (price minus down payment), r is the monthly interest rate and n is the number of monthly payments. It's the same math lenders use for fixed-rate mortgages.
Does the result include taxes and insurance?
No. The figure covers principal and interest only, which is the core of a fixed-rate mortgage payment. Property taxes, homeowners insurance, HOA fees and mortgage insurance vary widely by location and lender, so add those separately when you estimate your full monthly housing cost.
How much does the down payment change my payment?
Every extra dollar you put down is a dollar you don't borrow — and don't pay interest on. Raising your down payment lowers both the monthly payment and the total interest over the life of the loan. Try a few percentages in the calculator to see how quickly the lifetime cost falls.
Is a 15-year or 30-year mortgage cheaper?
A 15-year loan has higher monthly payments but dramatically less total interest, because you borrow the money for half as long and usually at a lower rate. A 30-year loan keeps payments manageable at a higher lifetime cost. Run both terms here to compare the exact numbers for your price and rate.
Is this mortgage calculator free to use?
Yes — completely free, with no sign-up and no limits. All the math runs instantly in your browser, and nothing you type is uploaded or stored, so you can test as many home prices, rates, terms and down payments as you like.