🏠 Mortgage Calculator
A mortgage is usually the biggest loan most people ever take, and small differences in the interest rate or term change the total cost by tens of thousands. This calculator applies the standard amortization formula to your home price, down payment, annual rate and term, then shows exactly what leaves your pocket each month.
The monthly payment covers principal and interest only (P&I). Property tax, homeowner's insurance and HOA dues are separate, so add those yourself for the full monthly housing cost.
How to use this calculator
Enter your home price, down payment, interest rate and loan term to get the monthly payment, total interest and lifetime cost of the loan.
- Type the Home price and the Down payment you plan to put down.
- Enter the Annual interest rate quoted by your lender.
- Pick a Loan term of 30, 20, 15 or 10 years.
- Press Calculate, then change the rate or term to compare how each choice moves the monthly payment.
Frequently asked questions
What does this mortgage calculator tell me?
It shows the monthly payment for principal and interest, the loan amount after your down payment, the total of all payments, the total interest you will pay, and the full lifetime cost including the down payment.
What formula does it use?
It uses the standard amortization formula: the monthly payment equals the loan amount times the monthly rate times a growth factor, divided by that growth factor minus one. When the rate is zero it simply divides the loan by the number of months.
Can you walk through an example?
For a $300,000 home price with a $60,000 down payment, a 6.5% rate and a 30-year term, the loan is $240,000 and the monthly payment is about $1,517. Over 360 payments you would pay roughly $306,000 in interest alone.
What is not included in the result?
The payment covers principal and interest only. Property tax, homeowner's insurance, private mortgage insurance and HOA dues are separate, so add those yourself to see the true monthly housing cost.