Mortgage Calculator
Estimate your monthly mortgage payment from home price, down payment, rate, and term.
A mortgage is simply a very large, long-term loan secured against a home, but two details make it worth its own dedicated calculator: the down payment (which reduces how much you actually finance) and the typically much longer term (often 15 or 30 years), which dramatically changes how much total interest accumulates compared to a shorter personal loan.
This calculator subtracts your down payment from the home price to determine the actual loan amount, then applies the standard reducing-balance mortgage formula to compute your monthly principal-and-interest payment, along with total interest paid over the full term. Increasing your down payment lowers both your loan amount and monthly payment directly — going from 10% to 20% down, for example, can meaningfully reduce your monthly obligation and total interest.
Important: this figure covers principal and interest only. Real-world monthly housing costs typically also include property tax, homeowners insurance, and — if your down payment is below 20% — private mortgage insurance (PMI), none of which are included here since they vary significantly by location and lender. Use this calculator to understand the core loan math, then add your local estimates for those additional costs to get your true total monthly housing payment.
How to use Mortgage Calculator
- 1
Enter the home price
Input the purchase price of the property.
- 2
Enter your down payment
Input how much you'll pay upfront — the percentage updates automatically.
- 3
Enter the rate and term
Input your quoted annual interest rate and loan term in years (commonly 15 or 30).
- 4
Review your payment
See your loan amount, monthly principal-and-interest payment, and total interest.
Features
- Automatically calculates loan amount from home price minus down payment
- Shows live down payment percentage as you type
- Standard 15/30-year (or any custom term) reducing-balance calculation
- Clear disclosure that tax, insurance, and PMI are excluded
Frequently asked questions
Common mistakes to avoid
- Comparing the principal-and-interest figure here directly to a lender's all-in monthly quote, which also includes tax, insurance, and possibly PMI.
- Underestimating how much a small rate difference compounds over a 30-year term.
- Not accounting for PMI when putting down less than 20%.
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