Finance & money · Loans
Mortgage Calculator
Calculate your monthly mortgage payment, total paid, and total interest for any home price, down payment, interest rate, and loan term. Free and instant.
How it works
Calculates the fixed monthly mortgage payment for a home purchase given the home price, down payment, interest rate, and loan term. Uses the standard amortization formula to show total cost and interest over the life of the loan.
Formula
Monthly = P × r / (1 − (1 + r)^(−n))
- P
- Loan principal (home price minus down payment)
- r
- Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n
- Total number of monthly payments (years × 12)
Step by step
- 1Subtract the down payment from the home price to get the loan principal.
- 2Convert the annual rate to a monthly rate by dividing by 12 and 100.
- 3Multiply the term in years by 12 to get the number of monthly payments.
- 4Apply the amortization formula to find the fixed monthly payment.
- 5Multiply the monthly payment by the total number of payments to get the total paid, then subtract the principal to get total interest.
Examples
$350k home, $70k down, 6.5%, 30 years
A $280,000 mortgage at 6.5% over 30 years has a monthly payment of ~$1,771. You pay roughly $357,000 in interest over the life of the loan.
Inputs
- home_value:
- 350000
- down_payment:
- 70000
- annual_rate:
- 6.5
- term_years:
- 30
Result
- monthly:
- 1770.72
- total_paid:
- 637459
$300k home, $60k down, 5%, 15 years
A 15-year term is more expensive monthly but saves substantial interest compared to 30 years.
Inputs
- home_value:
- 300000
- down_payment:
- 60000
- annual_rate:
- 5
- term_years:
- 15
Result
- monthly:
- 1896.89
- total_paid:
- 341439
Frequently asked questions
What is not included in this mortgage calculator?▾
This calculator shows principal and interest only. Your actual monthly payment will also include property taxes, homeowner's insurance, and possibly PMI (private mortgage insurance) if your down payment is less than 20%.
How much does a lower interest rate save?▾
On a $300,000 loan, dropping from 7% to 6% saves about $190/month and over $68,000 in total interest over 30 years. Even small rate differences matter significantly over a long term.