Mortgage Calculator
Calculate your monthly mortgage payments
What Is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly mortgage payments based on the home price, down payment, interest rate, and loan term. It calculates the principal and interest portion of your payment, total interest paid, and total payment over the life of the loan.
How to Use
- Enter the total home price
- Enter your down payment percentage
- Enter the annual interest rate
- Enter the loan term in years
- Click "Calculate" to see your results
Example
John's Mortgage
Home Price: $300,000
Down Payment: 20% ($60,000)
Interest Rate: 6.5%
Loan Term: 30 years
Monthly Payment: $1,517.00
Total Payment: $546,120.00
Total Interest: $246,120.00
FAQs
What is included in the monthly payment?
This calculator shows principal and interest only. Property taxes, insurance, and HOA fees are not included.
What is a good down payment?
20% is recommended to avoid PMI (Private Mortgage Insurance), but some loans allow as little as 3-5% down.
Can I afford this mortgage?
A general rule is that your monthly housing payment should not exceed 28% of your gross monthly income.