A home price is only the beginning. Estimate the real monthly cost.
Calculate your mortgage amount, monthly payment, total interest, and amortization schedule before you commit to a loan.
Mortgage CalculatorCalculate your mortgage payment
Mortgage Calculator
Estimate your mortgage payment, affordability, and total borrowing cost.
Amortization schedule
Projected balance over time
See how your remaining principal declines each year across the selected mortgage term.
| Year | Payments | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $ 26,547 | $ 4,029 | $ 22,518 | $ 346,088 |
| 2 | $ 26,547 | $ 4,299 | $ 22,248 | $ 341,914 |
| 3 | $ 26,547 | $ 4,587 | $ 21,960 | $ 337,460 |
| 4 | $ 26,547 | $ 4,894 | $ 21,653 | $ 332,709 |
| 5 | $ 26,547 | $ 5,222 | $ 21,325 | $ 327,638 |
| 6 | $ 26,547 | $ 5,572 | $ 20,975 | $ 322,229 |
| 7 | $ 26,547 | $ 5,945 | $ 20,602 | $ 316,457 |
| 8 | $ 26,547 | $ 6,343 | $ 20,204 | $ 310,298 |
| 9 | $ 26,547 | $ 6,768 | $ 19,779 | $ 303,727 |
| 10 | $ 26,547 | $ 7,221 | $ 19,326 | $ 296,716 |
| 11 | $ 26,547 | $ 7,705 | $ 18,842 | $ 289,236 |
| 12 | $ 26,547 | $ 8,221 | $ 18,326 | $ 281,254 |
| 13 | $ 26,547 | $ 8,771 | $ 17,776 | $ 272,738 |
| 14 | $ 26,547 | $ 9,359 | $ 17,188 | $ 263,652 |
| 15 | $ 26,547 | $ 9,986 | $ 16,561 | $ 253,957 |
| 16 | $ 26,547 | $ 10,654 | $ 15,893 | $ 243,613 |
| 17 | $ 26,547 | $ 11,368 | $ 15,179 | $ 232,576 |
| 18 | $ 26,547 | $ 12,129 | $ 14,418 | $ 220,800 |
| 19 | $ 26,547 | $ 12,941 | $ 13,605 | $ 208,235 |
| 20 | $ 26,547 | $ 13,808 | $ 12,739 | $ 194,828 |
| 21 | $ 26,547 | $ 14,733 | $ 11,814 | $ 180,524 |
| 22 | $ 26,547 | $ 15,720 | $ 10,827 | $ 165,262 |
| 23 | $ 26,547 | $ 16,772 | $ 9,774 | $ 148,978 |
| 24 | $ 26,547 | $ 17,896 | $ 8,651 | $ 131,603 |
| 25 | $ 26,547 | $ 19,094 | $ 7,453 | $ 113,065 |
| 26 | $ 26,547 | $ 20,373 | $ 6,174 | $ 93,285 |
| 27 | $ 26,547 | $ 21,737 | $ 4,809 | $ 72,180 |
| 28 | $ 26,547 | $ 23,193 | $ 3,354 | $ 49,662 |
| 29 | $ 26,547 | $ 24,747 | $ 1,800 | $ 25,635 |
| 30 | $ 26,547 | $ 26,404 | $ 143 | $ 0 |
Mortgage planning guide
Use the payment estimate as a starting point
A mortgage calculator is most useful when it helps you compare scenarios. Start with principal and interest, then layer in taxes, insurance, and closing costs before deciding what is affordable.
How the monthly payment is calculated
The estimate uses the standard fixed-rate mortgage formula. Your financed principal is spread over the selected term, and interest is applied monthly until the balance reaches zero.
Fixed-rate formula
P is the amount borrowed.
r is the monthly interest rate.
n is the number of payments.
Included in this estimate
- Loan principal after your down payment
- Fixed monthly principal and interest
- Total interest over the selected term
- Annual balance projection and amortization table
Add before you budget
- Property taxes and local assessments
- Homeowners insurance and flood insurance
- Private mortgage insurance or FHA/VA/USDA fees
- HOA dues, closing costs, points, and lender fees
Payment drivers
Inputs that move your mortgage payment
Use the calculator to test each variable separately. That makes it easier to see whether price, rate, down payment, or term is doing the most work.
Home price
Start with the sale price, then use the down payment slider to see how much you would actually finance.
Down payment
A larger down payment lowers the loan balance and may improve the interest rate or mortgage insurance requirement.
Interest rate
Even a small rate change can materially affect the monthly payment and total interest over a long mortgage term.
Loan term
A shorter term usually raises the monthly payment but can reduce total interest and build equity faster.
Rate strategy
How to improve your mortgage rate offer
Current market rates matter, but your actual offer can also depend on credit score, down payment, loan type, points, and lender fees. Compare multiple Loan Estimates before choosing a lender.
Credit score
A stronger credit profile can expand your lender options and may lower the rate you are offered.
Down payment size
More cash down reduces the amount borrowed and can lower risk-based pricing.
Loan type
Conventional, FHA, VA, and USDA loans can price differently depending on eligibility and fees.
Points and credits
Paying points may reduce the rate, while lender credits can lower upfront costs in exchange for a higher rate.
Before you apply
Turn the estimate into a buying budget
A calculator can show the borrowing math, but a lender quote shows the full offer. Use the estimate to narrow your target price range, then verify the full monthly payment and cash to close with lender documents.
Planning checklist
- Run a base scenario using the home price, down payment, term, and rate you expect.
- Compare at least one lower-rate and one higher-rate scenario before relying on the monthly payment.
- Add separate estimates for taxes, insurance, mortgage insurance, HOA dues, utilities, and maintenance.
- Request Loan Estimates from multiple lenders so you can compare rate, APR, fees, points, and cash to close.
Mortgage calculator FAQ
Common questions about mortgage payments
What does this mortgage calculator include?
It estimates fixed principal and interest payments, the amount financed, total payments, total interest, and the remaining balance by year.
Why is my real monthly payment higher than the calculator result?
Many mortgage payments also include property taxes, homeowners insurance, mortgage insurance, HOA dues, or escrowed costs. This calculator focuses on principal and interest.
Is a 15-year or 30-year mortgage better?
A 15-year loan usually has a higher monthly payment but less lifetime interest. A 30-year loan usually lowers the monthly payment but can cost more over time.
How much should I put down on a house?
The right down payment depends on your cash reserves, loan type, mortgage insurance, and rate offer. A 20 percent down payment can avoid PMI on many conventional loans.
Does the calculator store my mortgage details?
No. The mortgage estimate is calculated in your browser and does not ask for personal information.
Should I use the interest rate or APR?
Use the interest rate for the monthly principal and interest estimate. Use APR when comparing broader loan costs across lenders because it reflects more than the note rate.
Keep exploring
Turn your numbers into next steps
Dig into the guides behind the math or run a different calculator to round out your plan.
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