Mortgage Calculator
Estimate your monthly mortgage payment.
Inputs
Output
Fill in every field to see the monthly payment.
More in this kitAll of Finance Calculators
About Mortgage Calculator
The Mortgage Calculator estimates the monthly payment on a home loan from the price, your down payment, the interest rate and the term. It also shows the total you will repay and how much of that is interest, which helps when comparing offers or deciding on a budget.
How to use it
- Enter the home price.
- Enter your down payment as an amount.
- Enter the annual interest rate as a percentage and the loan term in years.
- Review the loan amount, monthly payment, total paid and total interest.
Good to know
- The loan amount is the home price minus your down payment.
- The payment covers principal and interest only. Property taxes, homeowners insurance, mortgage insurance and association fees are not included, so your real monthly housing cost will be higher.
- It assumes a fixed rate with interest compounded monthly, which is how standard fixed-rate mortgages are calculated.
- Results are estimates for planning and comparison. They are not financial advice, and a lender or adviser may calculate figures differently.
Common questions
How much does a shorter term save?
A 15-year term has higher monthly payments than a 30-year term but far less total interest. Enter both terms to compare the total interest figures side by side.
Does a bigger down payment make much difference?
Yes. It reduces the amount borrowed, which lowers both the monthly payment and the total interest over the life of the loan.