Mortgage Payment Calculator

A mortgage payment calculator estimates the monthly principal-and-interest payment on a home loan, based on the home's price, how much you put down, the interest rate, and the loan term.

Start with the loan amount: that's the home price minus your down payment. A bigger down payment means a smaller loan, and a smaller loan means a lower monthly payment. Putting 20% down is a common target, mostly because it lets you avoid private mortgage insurance on a conventional loan, but plenty of loan programs allow much smaller down payments.

The interest rate is the annual percentage the lender charges to borrow the money, and the loan term is how many years you have to pay it back, usually 15 or 30 years in the United States. A 30-year loan spreads payments out further, so the monthly payment is lower, but you pay more interest overall. A 15-year loan costs more each month but is paid off faster and costs much less in total interest.

To turn those numbers into a monthly payment, the calculator uses the standard amortization formula, which spreads the loan balance and the interest evenly across every payment so the loan is fully paid off by the end of the term. Early payments are mostly interest; later payments are mostly principal, even though the total payment amount stays the same the whole time.

Keep in mind this number covers principal and interest only. Your actual monthly housing cost will usually be higher once you add property taxes, homeowners insurance, and possibly mortgage insurance or HOA dues, all of which vary a lot by location and property type. Use this calculator to compare loan amounts, rates, and terms side by side, then add your own local tax and insurance estimates on top for a fuller picture of what a home will actually cost you each month.