Mortgage Calculator — Monthly Payment
Estimate monthly mortgage payment from home price, down payment, rate, and term. Free mortgage calculator.
Parameters
Enter the required details below
Ready to Calculate
Enter your parameters and click calculate to see the results here.
How to Use
- Enter Loan Amount ($).
- Enter Interest Rate (%).
- Enter Loan Term (years).
- Click Calculate to see Monthly Payment, Total Payment and Total Interest.
- Check the result. Use Reset if you want to try different numbers.
About This Calculator
This mortgage calculator estimates principal and interest from loan amount, annual rate, and term in years. Taxes and insurance are not included unless you fold them into the rate or payment you compare against.
Monthly payment
M = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
$320,000 loan at 6.5% for 30 years → r = 0.065/12, n = 360.
Frequently asked questions
How do you calculate a monthly mortgage payment?+
Use the amortizing loan formula with monthly rate r = APR/12 and n = years × 12. This page does that from price minus down payment.
Is Mortgage Calculator free to use?+
Yes. Mortgage Calculator is free and does not require an account. The calculation runs in your browser.
Guides for this calculator
best calculators before you buy a house
Four numbers to run before you make an offer: monthly payment, rent vs buy, the cheaper loan, and loan-to-value after the down payment.
best mortgage calculator
What a good mortgage calculator must show before you make an offer: monthly principal and interest, total interest, and the inputs lenders actually use.
is it cheaper to rent or buy
A five-year cost check: annual rent versus purchase price, closing costs, and what you give up by tying cash in a down payment.
compare two loan offers
A 0.25% rate gap is not a rounding error. Compare monthly payment, total interest, and fees on the same loan amount and term.
What an extra loan payment actually saves
One extra payment does not just shorten the calendar. It cuts the interest that would have been charged on the remaining principal. Here is how to see the difference before you send the money.
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Related Topics
A mortgage calculator is a powerful tool that helps you estimate your monthly mortgage payment, understand the total cost of your loan, and see how much interest you'll pay over the life of the loan. This calculator provides detailed information about your mortgage, including the monthly payment amount, total payment over the loan term, and total interest paid.
How Mortgage Payments Work
A mortgage payment typically consists of four components: 1. Principal: The amount of money you borrowed to purchase the home 2. Interest: The cost of borrowing money, expressed as a percentage 3. Property Taxes: Taxes assessed by local governments 4. Homeowners Insurance: Insurance to protect your home and belongings This calculator focuses on the principal and interest portions of your mortgage payment. The monthly payment is calculated using the standard loan payment formula, which takes into account the loan amount, interest rate, and loan term.
Understanding Interest Rates
The interest rate on your mortgage is one of the most important factors affecting your monthly payment. Even a small difference in interest rates can significantly impact the total amount you pay over the life of the loan. For example, a 0.5% difference in interest rate on a $300,000, 30-year loan can result in tens of thousands of dollars in additional interest payments.
Loan Term Impact
The loan term (typically 15, 20, or 30 years) directly affects your monthly payment and total interest paid. Shorter loan terms result in higher monthly payments but lower total interest costs. Longer loan terms have lower monthly payments but higher total interest costs over the life of the loan.
Amortization Schedule
An amortization schedule shows how your mortgage payments are applied to principal and interest over time. In the early years of your mortgage, a larger portion of each payment goes toward interest. As you progress through the loan term, more of each payment goes toward reducing the principal balance. This calculator can generate a detailed amortization schedule showing each payment, the principal and interest portions, and the remaining balance.
Factors Affecting Your Mortgage Payment
Several factors can influence your mortgage payment: • Loan Amount: The total amount you borrow • Interest Rate: The annual interest rate on your loan • Loan Term: The number of years to repay the loan • Down Payment: A larger down payment reduces your loan amount • Property Taxes: Vary by location and property value • Homeowners Insurance: Depends on coverage and location • Private Mortgage Insurance (PMI): Required if down payment is less than 20% • Homeowners Association (HOA) Fees: If applicable
Tips for Managing Your Mortgage
• Make extra payments: Even small additional payments can significantly reduce your total interest and shorten your loan term • Consider bi-weekly payments: Making half your monthly payment every two weeks results in 13 full payments per year • Refinance when rates drop: If interest rates decrease significantly, refinancing may save you money • Pay attention to your amortization schedule: Understanding how your payments are applied helps you make informed decisions • Budget for additional costs: Remember to account for property taxes, insurance, and maintenance in your housing budget
Mortgage Payment Formula
M = P × [r(1 + r)^n] / [(1 + r)^n - 1]
Where: M = Monthly payment P = Principal loan amount r = Monthly interest rate (annual rate ÷ 12) n = Total number of payments (loan term in years × 12) Example: $300,000 loan at 4% annual interest for 30 years M = 300,000 × [0.00333(1.00333)^360] / [(1.00333)^360 - 1] = $1,432.25