Mortgage calculator
Estimate the monthly payment and lifetime interest on a home loan.
Monthly payment (principal and interest)
$0
An estimate of principal and interest only. Runs in your browser.
How to use this calculator
- Enter the loan amount, which is the price minus your down payment.
- Enter the annual interest rate and the term in years.
- Click Calculate to see the monthly payment and total interest over the life of the loan.
The formula
This uses the standard amortizing loan payment, where every payment is equal and covers interest first, then principal.
A real example
A 350,000 dollar loan at 6.5 percent over 30 years has a fixed monthly principal-and-interest payment, and the total interest over those years can rival the loan itself. Shortening the term or lowering the rate cuts that interest dramatically, which is why both matter when shopping for a mortgage.
Common questions
Does this include taxes and insurance?
No. It covers principal and interest only. Property tax, insurance, and any HOA fees are extra and vary by location.
What about a down payment?
Enter the loan amount after your down payment. The down payment reduces the amount you borrow.