Mortgage Calculator
Estimate your monthly principal-and-interest payment on a home loan. Enter the mortgage amount (after down payment), annual interest rate, and loan term. The calculator uses standard amortization so you can see how much you pay in interest over the life of the loan.
Calculate mortgage payment
How it works
Home loans are usually repaid in equal monthly installments. Each payment splits between principal (reducing the balance) and interest (cost of borrowing). The formula is the same as for any amortizing loan: the monthly payment depends on the principal, the monthly interest rate, and the number of payments.
Example: A $250,000 loan at 7% for 30 years produces a monthly P&I payment of about $1,663. Over 30 years you would pay roughly $348,772 in interest, so the total amount repaid is about $598,772. In the first year, most of each payment goes to interest; in later years, more goes to principal.
Practical use cases
Use this when comparing loan offers, deciding between a 15- and 30-year term, or checking how much house you can afford at a given payment. Remember that your actual monthly obligation also includes taxes, insurance, and possibly PMI—this tool covers principal and interest only. Lenders may quote different rates based on credit and down payment; run several scenarios to see the impact.
Frequently asked questions
- What is included in the mortgage payment shown here? Only principal and interest (P&I). Property taxes, insurance, HOA fees, and PMI are not included—add those separately for a full picture.
- How does a larger down payment affect the result? A larger down payment reduces the loan amount (principal), so the monthly P&I and total interest both go down. Enter the loan amount after your down payment.
- Is this calculator suitable for adjustable-rate mortgages? No. It assumes a fixed rate for the entire term. For ARM products, use it only to compare the initial fixed period.