Mortgage Calculator — Estimate Your Monthly Payment
Enter your home price, down payment, loan term, and interest rate. Get your monthly payment, total interest, and a complete amortization schedule — in under a minute.
What you'll need
- Home purchase price
- Down payment amount (or percentage)
- Loan term — 15, 20, or 30 years
- Expected interest rate
What you'll get
Monthly payment
Principal + interest
Total interest
Over the life of the loan
Total cost
What you actually pay
Amortization schedule
Year-by-year breakdown
How the mortgage payment formula works
The standard fixed-rate mortgage payment is calculated using the amortization formula:
- M = Monthly payment
- P = Loan principal (home price minus down payment)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (years × 12)
How it works
Enter loan details
Input your home price, down payment, interest rate, and loan term.
See your payment
Get your monthly principal & interest payment instantly with a full amortization breakdown.
Adjust and compare
Change rates, terms, or down payment amounts to find the scenario that fits your budget.
Monthly Payments by Loan Amount & Rate
| Loan Amount | 6.5% / 30yr | 7.0% / 30yr | 6.5% / 15yr |
|---|---|---|---|
| $200,000 | $1,264 | $1,331 | $1,742 |
| $300,000 | $1,896 | $1,996 | $2,613 |
| $400,000 | $2,528 | $2,661 | $3,484 |
| $500,000 | $3,160 | $3,327 | $4,355 |
Principal & interest only. Does not include taxes, insurance, or PMI.
Frequently asked questions
How do you calculate a monthly mortgage payment?
Use the formula M = P[r(1+r)^n]/[(1+r)^n-1] where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term in years × 12).
What is a good down payment for a house?
20% is the traditional benchmark — it lets you avoid Private Mortgage Insurance (PMI). However, many loan programs allow as little as 3–5% for first-time buyers. A larger down payment reduces your monthly payment and total interest paid.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less interest over the life of the loan and build equity faster. A 30-year mortgage has lower monthly payments, giving you more flexibility, but you pay more total interest.
Does the monthly payment include taxes and insurance?
This calculator shows principal and interest only. Your actual monthly mortgage bill (PITI) also includes property taxes, homeowners insurance, and possibly PMI. Add roughly 0.5–1.5% of the home value annually to estimate those costs.
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
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