Calculator tool
A mortgage calculator helps you estimate your monthly home loan payment based on the purchase price, down payment, interest rate, and loan term. The monthly payment covers principal and interest. The total interest paid can be substantial — often exceeding the original loan amount on long-term loans — so understanding the full cost helps you make an informed decision.
Review the inputs carefully and treat the output as an estimate. For decisions involving money, taxes, health, law, or security, compare the result with trusted professional guidance when needed.
What is included in a mortgage payment?
The basic mortgage payment covers principal and interest. Additional costs like property taxes, homeowner's insurance, and PMI are often included in an escrow payment but are separate from the P&I calculation shown here.
How does the interest rate affect my payment?
Even a 0.5% difference in interest rate can change your monthly payment by tens of dollars and cost thousands more over the life of the loan. A lower rate means more of each payment goes toward principal.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but much less total interest. A 30-year mortgage offers lower monthly payments but you pay significantly more interest over time.
Amortization Calculator
See exactly how each mortgage payment is split between principal and interest over the loan term.
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Estimate the maximum home price you can afford using standard debt-to-income ratio guidelines.
Open toolRefinance Calculator
Find out if refinancing your mortgage makes sense by calculating monthly savings and break-even point.
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