Mortgage Calculator
Calculate your monthly mortgage payment, see a full amortization schedule, and understand how much you'll pay in interest over the life of your loan.
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Monthly Payment
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Principal & Interest
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Monthly Taxes
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Monthly Insurance
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Total Interest Paid
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Total Cost of Loan
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Down Payment %
Payment Breakdown
Amortization Schedule (Annual)
| Year | Principal | Interest | Balance |
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Recent Calculations
What Is Mortgage?
A mortgage calculator estimates your monthly home loan payment based on the home price, down payment, interest rate, and loan term.
Formula
M = P[r(1+r)^n] / [(1+r)^n − 1], where P = loan amount, r = monthly rate, n = total paymentsExample
A $350,000 home with 20% down at 6.5% for 30 years has a monthly payment of $1,769 and total interest of $356,960.
Frequently Asked Questions
How much house can I afford?
A common rule is your monthly payment should not exceed 28% of your gross monthly income.
Should I get a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year gives more monthly flexibility.
What's included in a mortgage payment?
Principal and interest (calculated here). Your actual payment also includes property taxes, homeowners insurance, and possibly PMI.