Mortgage Calculator
Estimate your monthly mortgage payment, total interest and payoff cost in seconds.
Your details
How the mortgage calculator works
P is the loan amount, r is the monthly interest rate (APR ÷ 12 ÷ 100) and n is the number of monthly payments. Property tax and insurance are divided by 12 and added on top to give the full monthly housing cost.
Formula
M = P · r / (1 − (1 + r)^−n)
Worked example
A $350,000 home with $70,000 down at 6.5% over 30 years gives a $280,000 loan, about $1,770 in principal and interest, plus tax and insurance.
Frequently asked questions
Does this mortgage calculator include taxes and insurance?
Yes. Annual property tax and home insurance are divided by twelve and included in the monthly payment so the number reflects real housing cost.
How much house can I afford?
A common rule is to keep total housing cost below 28% of gross monthly income. Adjust the home price until the monthly payment fits that limit.
Does a bigger down payment lower the payment?
Yes. Every extra dollar down reduces the principal, which lowers both the monthly payment and the total interest paid over the life of the loan.
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