Mortgage Calculator
Estimate your monthly mortgage payment and see how much you will pay in interest over the life of your loan.
How to Use
- Enter the home purchase price.
- Enter your down payment amount.
- Set the annual interest rate from your lender.
- Choose the loan term (15 or 30 years are most common).
- Click “Calculate” to see your estimated monthly payment.
Frequently Asked Questions
What is included in a mortgage payment?
This calculator shows principal and interest (P&I). Your actual payment may also include property taxes, homeowner’s insurance, and PMI (private mortgage insurance) if your down payment is less than 20%.
How much should I put down?
A 20% down payment avoids PMI and lowers your monthly payment. However, many loan programs allow as little as 3-5% down for first-time buyers.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage offers lower monthly payments but costs more over time.
How does the interest rate affect my payment?
Even small rate differences add up. A 0.5% rate increase on a $300,000 loan adds roughly $85/month and over $30,000 in total interest over 30 years.