Mortgage Calculator
Calculate your monthly mortgage payment, total payment, and total interest instantly in your browser.
How to use the Mortgage Calculator
- Enter the purchase price of the home.
- Enter your down payment amount.
- Enter the annual mortgage interest rate.
- Enter the loan term in years, typically 15, 25 or 30.
- Click Run to see the monthly principal and interest payment, total paid and total interest.
How the Mortgage Calculator works
The amount you borrow is the home price minus your down payment. The calculator then applies the standard fixed-rate amortization formula, M = P × r × (1 + r)n ÷ ((1 + r)n − 1), using the monthly rate r and the number of monthly payments n.
The result is the principal-and-interest portion of a mortgage payment. Your actual monthly cost may be higher once property tax, homeowners insurance, private mortgage insurance (PMI) and HOA fees are added. A larger down payment or a shorter term both reduce the total interest you pay over the life of the loan.
Frequently asked questions
- Is this mortgage calculator free?
- Yes. Calculate mortgage payments at no cost, with no account required.
- Does this include property tax or insurance?
- No. This calculates principal and interest only, not property tax, homeowners insurance, or PMI.
- What if my down payment is larger than the home price?
- The down payment must be less than the home price, since the loan amount is the difference between the two.