Mortgage Calculator
Enter your loan amount, interest rate, and loan term to instantly see monthly payments, total interest paid, and total cost. Includes a visual principal vs interest chart and full yearly amortization schedule.
Principal vs Interest Over Time
How to Use the Mortgage Calculator
- Enter the home price and your down payment (dollar amount or percentage)
- Set the interest rate and choose a loan term (15, 20, or 30 years)
- View your monthly payment, total interest, and total cost instantly
- Check the principal vs interest chart to see how payments shift over time
- Expand the full amortization schedule for a year-by-year breakdown
Pre-Calculated Mortgage Payments
Browse our pre-calculated mortgage payment pages for instant answers to common scenarios like "$200,000 mortgage at 5%" or "$500,000 mortgage at 7%". Over 150 combinations are available.
What Is a Mortgage Calculator?
A mortgage calculator is a financial tool that estimates your monthly mortgage payment based on the loan amount, interest rate, and loan term. It uses the standard amortization formula to compute the fixed monthly payment that will fully pay off the loan by the end of the term, including both principal and interest.
Understanding your mortgage payment before committing to a home purchase is one of the most important steps in financial planning. A mortgage calculator helps you compare different scenarios — varying the down payment, adjusting the interest rate, or choosing between a 15-year and 30-year term — so you can find the option that fits your budget. It also reveals the total interest you will pay over the life of the loan, which is often a surprising amount that exceeds the original loan balance for longer terms. Use this tool to make informed decisions about the biggest financial commitment most people ever make.
Common Use Cases
Home Buying Planning
Determine how much house you can afford by testing different price points, down payments, and interest rates before visiting lenders or realtors.
Refinancing Analysis
Compare your current mortgage payment to a potential refinanced loan to see how much you could save with a lower interest rate or shorter term.
Down Payment Optimization
Experiment with different down payment amounts to understand how they affect monthly payments and total interest paid over the life of the loan.
Budget Forecasting
Project your housing costs accurately for monthly and yearly budgets, ensuring your mortgage payment stays within the recommended 28% of gross income.
Mortgage Tips & Best Practices
Consider a 15-Year Term
A 15-year mortgage has higher monthly payments but dramatically reduces total interest. On a $300,000 loan at 6.5%, you save over $200,000 in interest compared to 30 years.
Put 20% Down When Possible
A 20% down payment eliminates Private Mortgage Insurance (PMI), which typically costs 0.5%–1% of the loan annually, saving you hundreds per month.
Shop Multiple Lenders
Even a 0.25% difference in interest rate can save tens of thousands over the life of a 30-year mortgage. Always get quotes from at least three lenders.
Account for Total Housing Cost
Your monthly mortgage payment is only part of housing costs. Budget for property taxes, homeowners insurance, HOA fees, and maintenance (about 1% of home value per year).
Mortgage Term Comparison ($300,000 at 6.5%)
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 15 years | $2,613 | $170,388 | $470,388 |
| 20 years | $2,239 | $237,260 | $537,260 |
| 30 years | $1,896 | $382,633 | $682,633 |