Finance

Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and total loan cost.

Mortgage details

Home price

Down payment

Interest rate

Loan term

Estimated payment

Monthly principal & interest

$2022.62

Loan amount$320000.00

Total interest$408142.36

Total payments$728142.36

How mortgage payments are calculated

Your mortgage payment is based on the amount borrowed, interest rate, and repayment period. A larger down payment reduces the amount financed and can lower both your monthly payment and total interest.

Important

This estimate covers principal and interest only. Property taxes, homeowners insurance, mortgage insurance, HOA fees, and other costs are not included.

Use the mortgage calculator to estimate principal and interest payments for a home loan. Change the home price, down payment, interest rate, and loan term to see how each factor affects the estimated monthly payment.

How mortgage payments work

A fixed-rate mortgage spreads repayment of the principal and interest across a set number of monthly payments. In the early years, a larger share of each payment generally goes toward interest, while more goes toward principal later.

The size of the down payment directly affects the loan amount. Borrowing less usually means a lower monthly payment and less total interest.

Example mortgage calculation

If a home costs $400,000 and you make an $80,000 down payment, the mortgage principal is $320,000. At a 6.5% interest rate over 30 years, the principal-and-interest payment is approximately $2,023 per month.

This estimate does not include property taxes, homeowners insurance, HOA fees, closing costs, or mortgage insurance.

15-year vs 30-year mortgage

A 15-year mortgage normally has a higher monthly payment because the balance is repaid faster, but the total interest cost can be substantially lower.

A 30-year mortgage spreads payments across more time, reducing the monthly payment while generally increasing total interest.

FAQ

Frequently asked questions

Does this mortgage calculator include property taxes?

No. The calculator currently estimates principal and interest only. Property taxes, insurance, HOA fees, and other housing costs should be considered separately.

How does a larger down payment affect a mortgage?

A larger down payment reduces the amount borrowed, which can reduce both the monthly principal-and-interest payment and total interest.

What happens if the mortgage interest rate increases?

For the same loan amount and term, a higher interest rate increases the monthly payment and total interest paid.

Calculator results are estimates for informational purposes only. Actual rates, fees, payments, returns, and other costs may differ.

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