Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and the true cost of your home loan.
Frequently Asked Questions
How is a mortgage payment calculated?
Your monthly payment is calculated using the standard loan formula: M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of payments. A 30-year mortgage has 360 monthly payments.
How much down payment do I need?
A 20% down payment is traditionally recommended because it lets you avoid Private Mortgage Insurance (PMI), which typically adds 0.5–1.5% of the loan amount per year. Many lenders accept as little as 3–5% down, but you'll pay PMI until your equity reaches 20%. A larger down payment means a smaller loan, lower monthly payments, and less total interest.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest — typically 40–50% less over the life of the loan. A 30-year mortgage has lower monthly payments, giving you more monthly cash flow flexibility. The right choice depends on your income stability, other financial goals, and how long you plan to stay in the home.
Does the calculator include taxes and insurance?
No — this calculator shows your principal and interest payment only. Your actual monthly payment to your lender (often called PITI) typically also includes property taxes and home insurance, and sometimes HOA fees and PMI. These vary widely by location and property, so consult your lender for a full payment estimate.