Mortgage Calculator

Plan your home purchase with confidence. Enter the home price, down payment, interest rate, and loan term to instantly calculate your monthly mortgage payment, total interest paid, and the full cost of your loan over its lifetime.

How to Use the Mortgage Calculator

  1. Enter the home price and your down payment amount in dollars. The loan amount is automatically determined as the difference.
  2. Enter the annual interest rate (e.g., 6.5) and select your loan term (10, 15, 20, or 30 years).
  3. Click "Calculate" to see your monthly payment, loan amount, total interest paid, and the total cost of the home including all payments.

Features

Mortgage interest calculator: practical uses

Use mortgage interest calculator when you need a fast, clear, private result without creating an account. This page also supports related needs like mortgage interest calculator online, mortgage interest calculator formula, mortgage interest calculator example so you can choose the right workflow.

When it helps

For the next step, try Percentage Calculator, Discount Calculator, Tip Calculator, BMI Calculator.

Frequently Asked Questions

How is the monthly mortgage payment calculated? +
The monthly payment uses the standard amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12).
Does this include property taxes and insurance? +
No. This calculator computes the principal and interest (P&I) portion of your mortgage payment only. Your actual monthly housing cost will also include property taxes, homeowner's insurance, and possibly PMI (private mortgage insurance) if your down payment is less than 20%.
What is a good interest rate for a mortgage? +
Mortgage rates vary by country, lender, credit score, loan type, and market conditions. Historically, rates in the US have ranged from 3% to 8% for 30-year fixed mortgages. Use this calculator to compare different rate scenarios and see how even a 0.5% difference affects your monthly payment.
Should I choose a 15-year or 30-year mortgage? +
A 15-year mortgage has higher monthly payments but substantially less total interest paid. A 30-year mortgage has lower monthly payments and more flexibility, but you pay significantly more interest over the life of the loan. Use this calculator with both terms to compare the exact numbers for your situation.
How does the down payment affect my mortgage? +
A larger down payment reduces your loan principal, which lowers your monthly payment and the total interest you pay. Putting down 20% or more typically eliminates PMI requirements. Even increasing your down payment by a small amount can save thousands of dollars in interest over the life of the loan.

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