Mortgage Calculator – Monthly Payment, Interest & Total
See your exact monthly payment, total interest and total cost for any home loan — in seconds, entirely in your browser.
About Mortgage Calculator
A mortgage calculator estimates your monthly home loan payment using the standard amortization formula. Enter the loan amount, interest rate and term, and our free calculator shows your exact monthly payment, total interest and total cost, with an optional down payment — perfect for comparing 15-year vs 30-year loans before you talk to a lender.
📖 The Full Guide
Learn the mortgage payment formula, compare 15 vs 30-year loans, see how down payments and interest rates change your payment — with a free instant calculator.
Read the article →🏠 Mortgage Calculator
History
How to Use
Enter the home price or loan amount.
Add the annual interest rate and term in years.
Optionally add your down payment.
Click Calculate for monthly payment, interest and total.
Frequently Asked Questions
The standard amortization formula: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r the monthly rate and n the number of months.
No — it covers principal and interest only. Property tax and insurance vary by location, so add them separately for your real budget.
A larger down payment reduces the loan amount, which lowers both your monthly payment and the total interest you pay over the life of the loan.
Most lenders approve up to about 28–36% of gross income for housing costs. Estimate your loan, then add property tax and insurance for the real number.
Rates change constantly. Compare current 15- and 30-year rates from multiple lenders, and check your credit score first — better credit usually means lower rates.
The Formula
Monthly payment uses the standard amortization formula and assumes a fixed annual rate converted to a monthly rate (rate ÷ 12).