Mortgage Calculator
Estimate your monthly mortgage payment based on home price, down payment, interest rate and term
Mortgage Calculator
Formula
Loan Amount = Home Price − Down Payment. Monthly Payment uses the standard amortization formula: P × [r(1+r)^n] ÷ [(1+r)^n − 1]
Examples
- $300,000 home, $60,000 down, 6.5% APR, 30 years = $1,516.96/month
- $450,000 home, $90,000 down, 5.8% APR, 30 years = $2,113.68/month
- $200,000 home, $40,000 down, 6.5% APR, 15 years = $1,393.98/month
How to Use
- Enter the home price.
- Enter your down payment amount.
- Enter the annual interest rate and loan term (typically 15 or 30 years)
Frequently Asked Questions
Does this include property tax and insurance?
No — this estimates principal and interest (P&I) only. Add your local property tax and homeowners insurance separately for a full monthly cost.
How much should my down payment be?
It varies by loan type and lender; 20% avoids private mortgage insurance (PMI) in the US, but many loans allow less.
What term should I choose?
Shorter terms (15 years) mean higher monthly payments but far less total interest; 30 years lowers the monthly payment but costs more overall.
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