Mortgage Calculator
Estimate the monthly payment on a home loan and see how much of what you pay goes to interest versus principal. Enter your loan amount, interest rate, and term to get a principal-and-interest estimate in real time.
How this calculator works
This calculator uses the standard fully-amortizing loan formula. For a loan of principal P, a monthly interest rate r (the annual rate divided by 12), and a total number of monthly payments n, the monthly payment M is:
M = P · r · (1 + r)ⁿ / ((1 + r)ⁿ − 1)
Total interest is simply the sum of every payment minus the amount you originally borrowed.
What this estimate leaves out
This figure covers principal and interest only. A real mortgage payment usually also includes property taxes, homeowner’s insurance, and — if your down payment is under 20% — private mortgage insurance (PMI). HOA dues, if any, are separate too. Budget for those on top of the number shown here.
Learn more
- How Much House Can You Really Afford? — A plain-English walkthrough of the 28/36 rule, the costs lenders overlook, and how to set a home budget you can actually live with.
- Mortgage Basics: What Your Monthly Payment Really Includes — Principal, interest, taxes, insurance, PMI — a clear breakdown of every piece of a mortgage payment and how amortization shifts over the life of the loan.
- How to Build Credit (and Understand Your Score) — What actually moves your credit score, how to build it from scratch or repair it, and why a better score quietly saves you thousands on every loan.
- When Does Refinancing Actually Make Sense? — Refinancing isn't free — it's a bet on the break-even point. How to know if a refi pays off, the rate-drop rule of thumb, and the trap of resetting your loan term.
- 15- vs 30-Year Mortgage: Which Term Should You Choose? — A shorter term saves a fortune in interest; a longer one buys flexibility. How the two compare, who each suits, and the strategy that captures both.
- What's a Good Interest Rate? (For Loans and Savings) — "Good" depends on whether you're borrowing or saving, and on benchmarks like the Fed rate and inflation. How to judge a rate you're offered — APR vs APY.
Frequently asked questions
- Does this include taxes and insurance?
- No. It shows principal and interest only. Add your local property tax, homeowner's insurance, and any PMI or HOA dues separately to estimate your full monthly housing cost.
- Is a 15-year or 30-year mortgage better?
- A 15-year term has higher monthly payments but far less total interest; a 30-year term lowers the monthly payment but costs more over time. Try both terms here to compare the trade-off for your numbers.
- What interest rate should I enter?
- Use the APR you've been quoted, or a current average rate if you're just exploring. Even a half-percent difference meaningfully changes the monthly payment and total interest.