Mortgage Calculator
Estimate monthly payments, total interest, and total cost of a home loan.
How to mortgage calculator
- 1Enter the home price.
- 2Set your down payment as a dollar amount or percentage.
- 3Choose the loan term: 15, 20, or 30 years.
- 4Enter the annual interest rate.
- 5View your monthly payment, total interest, and total cost with a visual breakdown.
About This Tool
A mortgage calculator helps you estimate monthly payments, total interest, and the overall cost of a home loan before you commit. By adjusting the home price, down payment, loan term, and interest rate, you can compare scenarios and find a payment plan that fits your budget.
The calculator uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the loan principal, r is the monthly interest rate, and n is the number of payments. A visual bar shows the proportion of your total cost that goes toward principal versus interest, giving you an intuitive sense of the loan's true cost over time.
Frequently Asked Questions
This calculator computes principal and interest only. Property taxes, homeowner's insurance, PMI, and HOA fees are not included. Your actual monthly payment may be higher when these are added.
Mortgage rates vary by market conditions, credit score, loan type, and term length. As of recent years, rates have ranged roughly from 3% to 8%. Check with lenders for current rates.
A 15-year loan has higher monthly payments but significantly less total interest. A 30-year loan has lower monthly payments but costs more in interest over the life of the loan. Use this calculator to compare both.